Wave summary:
We continue to look for more upside towards 120.62 and possibly even higher towards 121.92 to complete wave iii/. Wave iii/ should be followed by a shallow flat correction in wave iv/ and ideally hold above 118.88 for the next impulsive rally higher.
Longer term, we expect a rally to above 122.88 and 124.09 during this run higher.
R3: 121.92
R2: 120.62
R1: 120.16
Pivot: 120.00
S1: 119.61
S2: 119.35
S3: 118.88
Trading recommendation:
We are long EUR from 115.25 and we will move our stop higher to 118.50. If you are not long EUR yet, then buy a break above 120.16 and use the same stop at 118.50.
The material has been provided by InstaForex Company - www.instaforex.com
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