Wave summary:
With the break above resistance seen at 124.02, the correction in wave B shifted to a flat correction instead of a double zig-zag correction as originally expected. This indicates yet another decline towards at least 122.94 in wave c of B and likely just below 122.94 to complete this correction and set the stage for more upside in wave C. Short term, a break below minor support seen at 123.70 will confirm the continuation lower to 122.94 to complete wave c of B.
R3: 124.52
R2: 124.26
R1: 124.16
Pivot: 124.00
S1: 123.70
S2: 123.60
S3: 123.35
Trading recommendation:
Our stop at 124.15 was hit for a small loss. We will wait for a EUR-buying opportunity near 122.94.
The material has been provided by InstaForex Company - www.instaforex.com