Wave summary:
Once again the pair failed to break above important short-term resistance seen near 120.34. This resistance needs to be cleared to confirm that wave ii has completed and wave iii higher is developing for a rally to above 122.88.
Support is now seen near 119.55 and will ideally be able to protect the downside for the next attempt to break above 120.34.
R3: 121.84
R2: 120.75
R1: 120.39
Pivot: 120.00
S1: 119.77
S2: 119.55
S3: 119.28
Trading recommendation:
We are long EUR from 119.65 with stop placed at 119.20. If you are not long EUR yet, then buy a break above 120.39 and use the same stop at 119.20.
