Wave summary:
A sharp rally from a low of 122.42 clearly confirms that wave a is over and wave b is unfolding now. The first wave b targets the level of 127.41, but we could move even closer to 130.00 before wave b is complete.
In the short term, we expect minor support to be found in the area of 124.14 - 124.35, which will ideally protect the downside for a continuation higher to 125.91 and 127.41.
Trading recommendation:
We are long EUR from 123.80. We will move our stop higher to 123.35. If you are not long EUR yet, then buy near the area of 124.14 - 124.35 and use the same stop at 123.35.
