We still need a clear breakout above minor resistance at 123.62 to indicate that the wave ii has completed with the test of 122.46 and the wave iii is developing towards at least 129.35. A breakout above 123.62 will be a strong indication of the wave ii being complete, while a breakout above resistance at 124.30 will confirm that the wave iii is developing for a rally towards 126.80 on the way higher to 129.35.
R3: 124.30
R2: 123.91
R1: 123.62
Pivot: 123.35
S1: 122.92
S2: 122.75
S3: 122.42
Trading recommendation:
We are long EUR from 122.51 with our stop placed at 122.41
The material has been provided by InstaForex Company - www.instaforex.com