Wave iv/ is pushing the limit. A rally above the low of wave i/ at 1.6981 can not be allowed, or the preferred count will be invalidated. We do expect important resistance at 1.6981 to remain untouched and will be looking for a break below short-term support at 1.6861 soon, to confirm a top being in place for renewed downside pressure towards the 1.6625 target.
R3: 1.6981
R2: 1.6957
R1: 1.6925
Pivot: 1.6861
S1: 1.6844
S2: 1.6815
S3: 1.6755
Trading recommendation:
Our stop at 1.6915 was hit for a 70 pips loss. We will sell EUR at 1.6920 or upon a break below 1.6861. Our stop will be placed at 1.6985.