Despite wave b/ moving higher to 1.7327, we continue to look for a deeper decline in wave c/ of ii/, closer to the 38.2% corrective target at 1.7067 and maybe even closer to the low of red wave iv at the 50% corrective target at 1.6971 before wave ii/ is complete and wave iii/ higher towards 1.8638 takes over.
Longer term we continue to look for this rally to continue higher towards our long-term target at 1.9831.
R3: 1.7379
R2: 1.7320
R1: 1.7299
Pivot: 1.7238
S1: 1.7200
S2; 1.7181
S3: 1.7139
Trading recommendation:
We will use the ongoing correction in wave ii/ to buy EUR. If the structure looks complete near 1.7067 we will buy there, otherwise we will buy near 1.6971 if possible.
The material has been provided by InstaForex Company - www.instaforex.com