The correction in wave ii continues as expected. We are looking for a decline in the support-area between 124.82 - 125.18 from where the next impulsive rally towards at least 129.24 is expected.
In the short-term, we expect minor resistance at 125.90 to be able to cap the upside for the final dip into the expected target-area between 124.82 - 125.18 and then take-off again.
R3: 126.43
R2: 126.12
R1: 125.90
Pivot: 125.64
S1: 125.40
S2: 125.18
S3: 124.82
Trading recommendation:
We are long EUR from 124.41 with our stop placed at 124.35
