Wave summary:
We continue to look for a break above minor resistance seen at 121.05 and more importantly a break above resistance at 121.77 that will confirm red wave iii higher to at least 123.47 is unfolding. Short-term we expect minor support seen at 120.65 will be able to protect the downside for the expected break above 121.05. However, a break below 120.65 will delay the expected rally in red wave iii for a move closer to 120.18 before higher again.
R3: 122.01
R2: 121.73
R1: 121.33
Pivot: 120.95
S1: 120.65
S2: 120.18
S3: 120.10
Trading recommendation:
We are long EUR from 120.15 with stop a break-even. If you are not long you yet, then buy a break above 121.05 and use the same stop at 120.15.
