The consolidation in red wave iv/ is likely complete or very close to being complete and red wave v/ higher to 127.30 should be expected short-term. A break above minor resistance at 126.48 will confirm the rally in red wave v/ to 127.30 as the first minor upside target. If a break above 127.30 is seen the next target in play will be 127.75 and finally 128.21 to complete red wave v/ and red wave iii.
Support is seen at 125.92.
R3: 127.75
R2: 127.30
R1: 126.66
Pivot: 126.48
S1: 125.92
S2: 125.61
S3: 125.34
Trading recommendation:
We are long EUR from 123.43 with our stop placed at 125.50
