We still favor a final stab lower to 1.7010 to complete the five wave decline from 1.7929 and to set the stage for a corrective recovery towards the 1.7555 - 1.7585 resistance-zone.

Short-term, we expect minor resistance at 1.7175 will be able to cap the upside for the expected final spike lower to 1.7010 to complete wave i/ or a/.

A clear break above the minor resistance at 1.7175 and more importantly a break above resistance at 1.7283 will indicate that wave i/ or a/ already has completed and the corrective rally towards 1.7555 - 1.7585 is developing.

R3: 1.7305

R2: 1.7283

R1: 1.7239

Pivot: 1.7175

S1: 1.7102

S2: 1.7047

S3: 1.7010

Trading recommendation:

We will buy EUR at 1.7025