We continue to look for a break above minor resistance to indicate, that wave ii has completed and wave iii towards 129.35 is developing.
Short-term we seen support at 122.80 and again at 122.26. We expect that support at 122.80 will be able to protect the downside for a solid break above 123.25 confirming a new impulsive rally is developing.
R3: 124.15
R2: 123.60
R1: 123.25
Pivot: 123.00
S1: 122.80
S2: 122.26
S3: 122.06
Trading recommendation:
We are long EUR from 122.25 with our stop at break-even at 122.25.
The material has been provided by InstaForex Company - www.instaforex.com