Wave summary:
A low has been seen at 113.90 and we remain cautiously bullish for a break above minor resistance at 114.64 and more importantly above resistance at 115.95 for the next impulsive rally towards at least 118.47 and 122.00 as the next important upside targets.
Only a break below 113.80 will question the bullish outlook, while a break below 112.33 will invalidate the bullish outlook altogether and favor the triangle consolidation, which ultimately will call for a break below 109.49.
Trading recommendation:
We are long EUR from 114.70 with stop placed at 113.75. If you are not long EUR yet, then buy a break above 114.64 and use the same stop at 113.75.
