Wave summary:
As long as resistance at 118.80 is able to cap the upside as long will the possibility for one final decline into the 116.83 - 116.99 remain. That said, we are clearly in the final stages of the corrective decline from 124.09 and once a test of the 116.83 - 116.99 area has been seen or a direct break above 118.80 is seen, that will be the signal for renewed strength towards 124.09 and above.
R3: 118.80
R2: 118.43
R1: 118.17
Pivot: 118.00
S1: 117.75
S2: 117.46
S3: 117.30
Trading recommendation:
We are buying EUR at 117.05 or upon a break above 118.80.
The material has been provided by InstaForex Company - www.instaforex.com