Wave summary:
We continue to look for a break above minor resistance at 122.27 that confirms a continuation towards 122.95. In case the level is surpassed, it is calling for a final rally higher towards the ideal target seen at 126,54. Once the 126,54 target has been tested, a correction towards 120.50 will be expected. Short-term support is seen at 121.79, that ideally will be able to protect the downside for the rally above 122.27. However, even if support at 121.79 is broken, back-up support is seen at 121.58.
R3: 123.12
R2: 122.95
R1: 122.27
Pivot: 122.00
S1: 121.79
S2: 121.58
S3: 121.44
Trading recommendation:
We are long EUR from 121.40 with stop placed at 120.45 Upon a break above 122.27 the stop will be moved higher to 121.50. If you are not long EUR yet, then buy a break above 122.27 and place you stop at 121.50.
The material has been provided by InstaForex Company - www.instaforex.com