Wave summary:
Despite a slightly deeper correction from 125.31 than first expected, we remain bullish for more upside pressure above 125.31 and more importantly a break above resistance at 125.81, which will confirm a continuation higher towards 127.50 and above.
Even if a break below 124.38 is seen that should only call for a little more downside to 123.77 before renewed upside pressure should take over for the rally above 125.31 and 125.81.
R3: 126.47
R2: 125.81
R1: 125.31
Pivot: 125.00
S1: 124.38
S2: 124.12
S3: 123.77
Trading recommendation:
We are long EUR from 124.65 with stop placed at 124.10. If our stop is hit, then a new buy order will be placed at 123.85.
The material has been provided by InstaForex Company - www.instaforex.com