We still need a clear break above short-term important resistance at 1.7484 to open up the upside for a rally towards 1.7821 and beyond.
Short-term support is seen at 1.7352 which ideally will protect the downside for the expected test and possible break above resistance at 1.7484 for a continuation higher. If however, support at 1.7352 is broken, that will extend the correction in red wave ii and likely call for a retest of 1.7266 before turning higher again.
R3: 1.7668
R2: 1.7578
R1: 1.7484
Pivot: 1.7416
S1: 1.7425
S2: 1.7352
S3: 1.7339
Trading recommendation:
We are long EUR from 1.7330 and we will raise our stop to break-even.
The material has been provided by InstaForex Company - www.instaforex.com