We are still looking for a clear break above short-term key-resistance at 118.56. A break above the key-resistance will be a strong indication that wave ii has completed and a new impulsive rally in wave iii is starting for a rally towards at least 121.93 and likely even higher.
Short-term key support is seen at 117.43. If it is broken, the potential downside should be limited to the 117.14 - 117.28 area before completing wave ii and setting the stage for wave iii higher
R3: 118.79
R2: 118.56
R1: 118.20
Pivot: 118.02
S1: 117.91
S2: 117.73
S3: 117.55
Trading recommendation:
We are long EUR from 117.92 with our stop placed at 117.40
