Despite moving above our target for wave b at 118.93 we continue to look for wave c of an expanded flat correction starting to develop soon. This c wave will ideally see a decline to 117.24 before the next impulsive rally higher towards 123.13.
Short-term a break below minor support at 118.75 will indicate wave c being in motion.
R3: 119.88
R2: 119.59
R1: 119.29
Pivot: 118.75
S1: 118.51
S2: 118.28
S3: 117.91
Trading recommendation:
We are looking for a EUR buying opportunity near 117.40
