The correction from 127.50 is still ongoing, but it should just be a matter of time, before a break above short-term important resistance at 126.55 is seen for the next impulsive rally towards 127.50 and 128.40 on the way higher to the 161.8% extension target at 133.54.
Only a break below important support at 125.98 will invalidate our bullish outlook.
R3: 126.92
R2: 126.75
R1: 126.55
Pivot: 126.35
S1: 126.15
S2: 125.98
S3: 125.68
Trading recommendation:
We are long EUR from 124.65 with our stop placed at 125.75. If you are not long EUR yet, the buy a break above 126.55 and use the same stop at 125.75.
