The correction in red wave ii is now in its final stages and could bottom out anytime for the next impulsive rally towards 123.59 and higher in the long-term. The correction in red wave ii could still reach our ideal target at 119.87 before completing and starting to move higher again.
in the short-term, a break above minor resistance at 120.64 will be the first strong indication that red wave ii has completed and the rally towards 123.59 is developing.
R3: 120.93
R2: 120.64
R1: 120.47
Pivot: 120.32
S1: 120.19
S2: 119.87
S3: 119.70
Trading recommendation:
We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, then buy near 119.87 and use the same stop at 119.00
