Wave summary:
It is not yet overly convincing that we are off the 112.31 level, but as long as the support at 112.31 is able to protect the downside, we will give the bullish outlook the benefit of the doubt and look for more upside pressure towards 114.81 as the next important resistance.
Short term, support is seen near 113.00 that ideally will protect the downside for the next rally higher to 114.81 and above
Trading recommendation:
We are long from 113.27 with stop placed at 112.27. If you are not long EUR yet, then buy near 113.00 or upon a break above 113.62 and use the same stop at 112.27.
The material has been provided by InstaForex Company - www.instaforex.com