Wave summary:
As long as the short-term important support at 118.55 protects the downside, we will be looking for a break above the minor resistance at 119.51 and more importantly above the resistance at 120.32 that confirms the next impulsive rally towards at least 124.20. If, however, the short-term important support at 118.55 fails to protect the downside, that will extend the corrective decline towards 117.67 before renewed upside pressure should be expected.
R3: 120.32
R2: 119.86
R1: 119.51
Pivot: 118.80
S1: 118.55
S2: 118,00
S3: 117.67
Trading recommendation:
We are long EUR at 119.25 with stop placed at 118.50. If you are not long EUR yet, then only buy a break above 119.51 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com