As the bears gain traction by break support at 1.7056 the corrective pattern in the wave ii/ shifts towards an expanding flat correction, which will be calling for a dip closer to the 1.6919 - 1.6955 area before the wave ii/ finally completes and the wave iii/ higher towards the important resistance at 1.7310 takes over.
In the longer term, the important resistance at 1.7310 is expected to eventually break above and open up the upside for a rally towards 1.7474 and 1.7832 on the way higher to at least 1.8437 and ideally closer to resistance in the 1.9844 - 2.0010 area.
We will sell EUR on a break below 1.7105 and place our stop at 1.7170. Take profit if our short-sell is executed, will be placed at 1.6965.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.