Wave summary;
Important support at 122.53 protected the downside for a break above minor resistance seen at 123.55 indicating wave c had completed and wave d, of the expected triangle consolidation, now is unfolding. This should provide a rally higher to 124.63 in the coming days.
Short-term minor support seen at 122.97 should be able to protect the downside for the expected rally higher or a new test of important support at 122.53 will be seen.
R3: 124.63
R2: 124.14
R1: 123.85
Pivot: 123.55
S1: 123.17
S2: 122.96
S3: 122.53
Trading recommendation:
We bought EUR at 123.55 with stop placed at 122.85. Take profit will be placed at 124.50.
The material has been provided by InstaForex Company - www.instaforex.com
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