Wave summary:
The outlook remains bullish, suggesting a clear break above minor resistance at 115.05 and more importantly above resistance at 116.28 that confirms a rally towards 122.00 and above. However, as long as minor resistance at 115.05 remains intact, we must allow for more sideways consolidation. Only a break below support at 113.90 will delay the expected rally higher for a decline closer to the support-line near 113.00 before the next rally higher should be expected.
Trading recommendation:
We are long EUR from 114.56 with stop placed at 113.90. If you are not long EUR yet, then buy near 114.35 or a break above 115.05 and use the same stop at 113.90.
