We continue to look for more upside pressure towards the 129.06 target as long as support in the 125.71 - 126.00 area is able to protect the downside for a break break above 126.79.
Longer-term the picture is dominated by a huge triangle consolidation that started way back in July 2008 and was completed in May 2020 and a new impulsive rally to above 169.57 is now unfolding. The new impulsive uptrend is still in its infancy and has a long way to go and should continue to push higher in the years to come. Therefore it's important not to lose sight of the larger picture, because of short-term noise.
R3: 127.72
R2: 127.30
R1: 126.78
Pivot: 126.39
S1: 126.00
S2: 125.71
S3: 125.50
Trading recommendation:
We are long EUR from 126.25 with or stop placed at 125.70
The material has been provided by InstaForex Company - www.instaforex.com