The dip to 120.26 could be enough to complete the correction in red wave ii if this the case, then a break above minor resistance at 121.26 should be seen soon for a continuation higher towards 124.64 and likely even much higher.
That said, we could see a final dip closer to our ideal target at 119.87, but time is running out for that outcome.
R3: 121.78
R2: 121.48
R1: 121.26
Pivot: 120.83
S1: 120.26
S2: 120.00
S3: 119.87
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.00.
The material has been provided by InstaForex Company - www.instaforex.com