The correction from 122.88 has continued lower to the 50% corrective target at 121.46 and as long as resistance at 122.02 is able to cap the upside, we could see a continuation lower to the 61.8% corrective target at 121.17 too.
It will take a break above minor resistance at 121.77 and more importantly a break above resistance at 122.02 to confirm that the correction in wave 2 finally is complete and wave 3 higher towards 123.89 and 125.65 is unfolding.
R3: 122.37
R2: 122.02
R1: 121.77
Pivot: 121.65
S1: 121.46
S2: 121.17
S3: 120.72
Trading recommendation:
Our stop at 121.65 was hit for a small 20 pip loss and we will re-buy EUR at 121.25 or upon a break above 121.80.
The material has been provided by InstaForex Company - www.instaforex.com