Our fear of a decline to strong support at 1.6473 came true. With a low at 1.6338, all requirements to the correction in wave [ii] has been fulfilled and now we will be looking for signs that wave [iii] higher towards at least 1.7817 and more likely even higher towards 1.8731 is ready to take over.
The first indication that wave [iii] is developing is a breakout above resistance at 1.6662 and confirmation that wave [ii] is indeed over and wave [iii] developing will be seen upon a breakout above 1.6893. Until the breakout above 1.6662 is seen, the risk of move to just below 1.6338 can not be ruled out.
We bought EUR at 1.6475. We will place our stop at 1.6375 as a breakout below 1.6375 will call for a move below 1.6338.