Wave summary:
The expected correction in the red wave [ii] should be close to completion for the next impulsive rally above 115.56 and more importantly above resistance at 116.28 for a rally to 118.59 and 122.00.
In the short term, we will be looking for a little more downside closer to the 61.8% corrective target at 113.75 from where the next impulsive rally is expected to materialize.
Only a direct break above 114.73 will indicate that the red wave [ii] completed earlier and the red wave [iii] is already developing higher.
Trading recommendation:
We will buy EUR at 113.85 or upon a break above 114.73 (one placed order cancels the other).
The material has been provided by InstaForex Company - www.instaforex.com