Wave summary:
The rally from the 112.67 low does look constructive and call for more upside pressure after a minor correction to 113.32. Once this minor correction is complete a strong rally past minor resistance at 114.17 is expected for a continuation higher to at least 115.02 and possibly even higher towards 116.50.
At this point we will be concerned if the ongoing rally failed to break above 114.17 as that will indicate that the rally of the 112.58 low only is corrective in nature and will call for a new decline to below 112.58.
Trading recommendation:
We remain long from 113.27 and will move our stop higher to 112.60. If you are not long EUR yet, then buy near 113.32 or upon a break above 113.80 and use the same stop at 112.60.
The material has been provided by InstaForex Company - www.instaforex.com