EUR/USD has broken minor resistance at 1.0494 indicating that wave 2 has been completed and wave 3 is ready to take over. That said, we still need a break above resistance at 1.0617 to confirm that wave 2 indeed has completed and wave 3 is in motion for a rally towards 1.2085 and possibly higher.

Short-term we see support at near 1.0525 with key support at 1.0482. A break below the latter will call for a new push towards the long-term corrective target at 1.0435 to complete wave 2 and set the stage for a new impulsive rally in wave 3.