Breaking above minor resistance at 131.30 has lifted the spirit and indicates that a final spike higher to 132.82 is possible before completing wave B/ and setting the stage for a final decline in wave (E) closer to the long-term target near 123.43.
Under this short-term count, we should see a move closer to 132.12 being followed by a sideways consolidation and then the final spike closer to 132.82 to complete wave B/, but remember this is only a sideways consolidation in wave B/ before lower, so this "rally" could complete anytime and turn prices lower.
R3: 132.82
R2: 132.12
R1: 131.82
Pivot: 131.16
S1: 130.80
S2: 130.50
S3: 130.20
Trading recommendation:
We are long EUR from 130.70 and we will move our stop higher to break-even at 130.70. Take profit +reverse remains at 132.65.
