Wave summary:
The failure to break below support at 122.01 and the following break above resistance at 122.78 shifted the count in favor of the running triangle. This triangle consolidation is now complete and wave (v) higher toward 126.54 is now unfolding.
Short-term support is seen at 122.99 and then at 122.63, but we doubt that the later will be tested before the next rally higher to 124.09 and then to 126.54.
Trading recommendation: Our stop+revers at 122.85 was hit and we are now long EUR from 122.85. Stop will be placed at 122.10 and take profit+revers will be placed at 126.25.
The material has been provided by InstaForex Company - www.instaforex.com