We still see the possibility for a minor pop to 120.17 before renewed downside pressure towards the target-zone between 118.85 - 119.24 to complete wave 2 and setting the stage for the next impulsive rally higher.
The decline in wave 2 has already fulfilled all requirements for the ongoing wave 2, so it is only a question of time now before the low of wave 2 is in place and a new impulsive rally in wave 3 starts to develop.
R3: 120.38
R2: 120.17
R1: 119.98
Pivot: 119.79
S1: 119.65
S2: 119.50
S3: 119.24
Trading recommendation:
We are short EUR from 120.40 and we will keep our stop+revers at 120.65 and take profit+revers at 119.35.
