Technical summary:
As long as important support at 1.7103 protects the downside, a bullish case can be made for one final rally that ideally should break above the wave iii higher at 1.9023. The wave iii high at 1.9023 is far away and we think that the possible risk of a fifth wave failure is bigger than usual.
It leaves us with a bigger risk towards the upside and the downside, so at this point we prefer to wait for the larger and clearer picture.
Trading recommendation:
Stay neutral for now and wait for a more clear picture.
The material has been provided by InstaForex Company - www.instaforex.com