Wave summary:
The failure to break above resistance at 119.14 indicates that the correction in wave [ii] wasn't over yet, and wave c of [ii] lower to 117.25 should still be expected. From support near 117.25 or a direct break above resistance at 118.82, the next strong rally higher to 122.14 and above is likely.
Trading recommendation:
We will take profit on our long EUR position from 117.50 here at 118.38 and re-buy EUR at 117.35 or upon a break above 118.82.
The material has been provided by InstaForex Company - www.instaforex.com