Wave summary:
We could still see a stab lower to test the 38.2% corrective target seen at 119.14, but from there or upon a break above 120.71 will confirm that wave (iv) has completed and wave (v) higher towards 126.54 is ready to develop. In the short term a break below minor support at 119.60 will confirm that one more stab lower to 119.14 will be needed, while a break above minor resistance seen at 120.13 will be the first indication that wave (iv) is complete already and a test of short-term important resistance at 120.71 should be expected.
R3: 120.71
R2: 120.23
R1: 120.13
Pivot: 119.90
S1: 119.60
S2: 119.49
S3: 119.14
Trading recommendation:
We will buy EUR at 119.25 or upon a break above 120.71.
