It's a bit disappointing that the correction from 1.7487 has been as deep as it has. That said, only a break below support at 1.7117 will invalidate our bullish count.

Short-term, we do expect a little more downside pressure towards 1.7230 from where we expect the next bullish rally to take place to above 1.7487 on the way higher to 1.7924 and 1.8369 as the next important upside target.

Our long-term target remains seen at 1.9848.

R3: 1.7487

R2: 1.7417

R1: 1.7355

Pivot: 1.7322

S1: 1.7267

S2: 1.7230

S3: 1.7187

Trading recommendation:

Our stop at 1.7275 was hit for a 49 pips profit. We will look to re-buy EUR at 1.7245 or upon a break above 1.7405.