Wave summary:
The rally higher towards important resistance at 116.28 continues to unfold as expected. We however, need a firm break above this resistance to confirm more upside towards 118.47 and 122.00. We still favor this to be seen as the long-term corrective decline from 149.56 that is expected to have completed with the test of 122.84. A new impulsive rally higher is now developing.Short-term, support is seen at 115.06 and again at 114.67.
Trading recommendation:
We are long EUR from 112.95 and will move our stop higher to 114.50. If you are not long EUR yet, then buy near 115.06 or upon a break above resistance at 116.28 and use the same stop at 114.50.
