Wave summary:
The sideways consolidation in the 122.30 - 122.80 area has been prolonged, but we still expect one more spike lower to the ideal target near 122.12 before the correction from 124.35 is over and a new impulsive rally towards 126.47 and above should be expected.
In the short term, a break below minor support at 122.48 will confirm the final decline to 122.12 before higher again.
Trading recommendation:
We will buy EUR at 122.20 or upon a break above 122.79 with stop placed at 121.45.
The material has been provided by InstaForex Company - www.instaforex.com