Wave summary:
Did the wave ii complete at 1.6914, or is there another stab to this low needed to complete the wave ii? At this point, it could go both ways. Only a clear break above the minor resistance at 1.7015 will confirm that the wave ii has completed, or the wave ii is developing higher to 1.7479.
As long as the minor resistance at 1.7015 is able to cap the upside, we must allow a final spike to lower to 1.6914 or even just below to complete the wave ii and to set the stage for the wave iii higher.
R3: 1.7094
R2: 1.7038
R1: 1.7015
Pivot: 1.6965
S1: 1.6943
S2: 1.6914
S3: 1.6900
Trading recommendation:
We are long EUR from 1.6977 with our stop placed at 1.6845.