Wave summary:
Important resistance (neckline for the inverse S/H/S bottom) at 116.28 is currently being tested and once it is broken clearly, upside acceleration towards 118.47 and 122.00 should be seen.
A break above 116.28 will confirm that the long term correction from 149.56 finally completed with the test of 109.48 and a new long-term impulsive rally is building.
Support is seen at 115.70, which we expect will protect the downside for the test and break above 116.28 for more upside acceleration.
Trading recommendation:
We are long EUR from 115.04 and will move our stop to break-even. If you are not long EUR yet, then buy near 115.70 or upon a break above 116.28 and use the same stop at 115.04.
