We continue to look for a final dip closer to 119.65. Therefore, we are seeing weakness in momentum for the decline from 127.50. This indicates that we are getting close to a possible bottom for wave ii and setting the stage for the next impulsive rally, which ultimately will bring us back above the 127.50 peak.
A break above minor resistance at 122.13 will be a strong indication that wave ii is complete and wave iii is developing.
R3: 122.13
R2: 121.89
R1: 121.65
Pivot: 121.34
S1: 121.04
S2: 120.75
S3: 120.50
Trading recommendation:
We will buy EUR at 119.75 or upon a break above 122.13
