The break above key-resistance at 120.68 calls for more upside progress towards 122.07 on the way higher towards 123.55. Short-term support is now seen at the former resistance at 120.68, this former resistance has now turned into support. Key-support is seen at 120.35 and a break below here will indicate a more complex correction in blue wave (ii) is developing.
R3: 122.38
R2: 121.89
R1: 121.38
Pivot: 120.93
S1: 120.68
S2: 120.56
S3: 120.35
Trading recommendation:
We are long EUR from 120.25 and we have moved our stop higher to break-even at 120.25
