Wave summary:
The correction in wave B is likely not complete yet and we are looking for one more spike to a new low closer to 122.10 to complete wave B. If this count is correct, then minor resistance at 124.94 ideally should be able to cap the upside for a break below minor support seen at 124.09 and more importantly a break below support at 123.34 confirming the expected decline to 122.10.
If, however the minor resistance at 124.94 is broken, that will shift the count in favor of wave B already having completed with the test of 122.53 and wave C higher towards 138.52 already developing.
R3: 127.33
R2: 125.82
R1: 124.94
Pivot: 124.75
S1: 124.48
S2: 124.09
S3: 123.34
Trading recommendation:
We are short EUR from 124.00 with stop placed at 125.00. Take profit will be placed at 122.25.
The material has been provided by InstaForex Company - www.instaforex.com