Wave summary:
The correction in wave [ii] continues to unfold just as we expected, and we will be looking for a break below minor support at 116.30 confirming the next part of the decline in wave [ii] closer to 114.81 to complete wave [ii] and set the stage for the next impulsive rally in wave [iii] towards 120.47 and 122.75 as the next upside targets on the way towards 126.45.
A break above 122.00 is still needed to confirm that a long-term corrective bottom is in place at 109.48.
Trading recommendation:
We will re-buy EUR at 115.00 with stop placed at 113.25.
