As long as short-term key support at 117.54 is able to protect the downside, we will look for a break above minor resistance at 118.56 and more importantly a break above resistance at 118.79 confirming that the correction in red wave ii has completed and that red wave iii higher towards at least 121.97 is developing.
An unexpected break below 117.54 will open for a dip to 117.15 before tuning higher again.
R3: 118.79
R2: 118.56
R3: 118.35
Pivot: 118.21
S1: 118.07
S2: 117.72
S3: 117.54
Trading recommendation:
We are long EUR from 118.25 with our stop placed at 117.50. If the stop is hit, we will re-buy EUR at 117.25
