We are looking for bottom in the 117.14 - 117.28 area. This area has now been tested and we should soon see the first signs of a bottom being in place. A break above minor resistance at 117.63 and more importantly a break above resistance at 118.47 will confirm that wave ii has completed and wave iii is developing towards at least 121.93 and likely higher.
R3: 118.47
R2: 118.01
R1: 117.67
Pivot: 117.43
S1: 117.05
S2: 116.88
S3: 116.65
Trading recommendation:
We are long EUR from 117.20 with our stop placed at 116.20. A more conservative approach will be to buy EUR upon a break above 117.63
