Wave summary:
After a backtest of the broken resistance line, that is now acting as support, a continuation higher to 118.60 is expected. A break above resistance at 117.49 will confirm the rally higher to 118.60 and possibly even higher to 122.00.Ideally support at 116.22 will continue to act as a floor for the next impulsive rally higher.
Trading recommendation:
We are long EUR from 115.04 with stop placed at 116.04. If you are not long EUR yet, then buy near 116.75 or upon a break above 117.49 and use the same stop at 116.04.
