The very narrow range-trading continues here. We are going absolutely nowhere.
We continue to favor a break below support at 124.95 for more downside pressure towards 123.65 and longer term ideally closer to 120.95 before this correction is complete and the next up-cycle will take over.
Only an unexpected break above 126.18 will indicate that this next up-cycle already is in motion.
R3: 126.18
R2: 125.75
R1: 125.43
Pivot: 124.94
S1: 124.45
S2: 124.17
S3: 123.65
Trading recommendation:
We are short EUR from 124.25 with our stop placed at 126.20