The sideways consolidation has extended and we have now seen a third dip to 125.71, which should be more than enough to complete this consolidation, but until short-term important resistance at 126.72 has been eclipsed more sideways consolidation can't be excluded.
However, a break above 126.72 will confirm more upside progress towards 127.02 and ultimately closer to 129.06 as the next upside targets.
R3: 127.27
R2: 127.30
R1: 126.78
Pivot: 126.26
S1: 126.00
S2: 125.71
S3: 125.50
Trading recommendation:
We are long EUR from 126.25 with our stop placed at 125.70
