We have seen a nice first attempt to break above short-term important resistance at 118.47. This first attempt failed to break clear this key-resistance and we should expect a minor correction towards support in the 117.54 - 117.61 area before the next serious attempt to break higher is seen. A clear break above the key-resistance at 118.47 will confirm that wave ii has completed and wave iii higher to at least 121.93 is developing.
Only an unexpected break below short-term key-support at 117.11 will invalidate our bullish outlook.
R3: 118.79
R2: 118.47
R1: 118.25
Pivot: 118.02
S1: 117.86
S2: 117.61
S3: 117.54
Trading recommendation:
We are long EUR from 117.25 and we will move our stop higher to 117.05.
