Wave summary:
A clear break above minor resistance seen at 121.19 calls for a continuation higher to 122.90 and 124.20 on the way towards the ideal wave 3 target seen at 125.53. The former resistance seen at 121.19 is now acting as support and should ideally protect the downside for a continuation higher, but only an unexpected break below support seen at 120.46 will question the immediately bullish outlook.
R3: 124.09
R2: 122.90
R1: 122.50
Pivot: 121.80
S1: 121.19
S2: 120.69
S3: 120.46
Trading recommendation:
We are long EUR from 119.86 and will move our stop higher to 120.40. If you are not long EUR yet, then buy near 121.19 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com