The correction in red wave ii is now in its final stages and could bottom out anytime for the next impulsive rally towards 123.59 and higher in the long-term. The correction in red wave ii could still reach our ideal target at 119.87 before completing and starting to move higher again.
in the short-term, a break above minor resistance at 120.64 will be the first strong indication that red wave ii has completed and the rally towards 123.59 is developing.
R3: 120.93
R2: 120.64
R1: 120.47
Pivot: 120.32
S1: 120.19
S2: 119.87
S3: 119.70
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, then buy near 119.87 and use the same stop at 119.00
The material has been provided by InstaForex Company - www.instaforex.com