Wave summary:
We are not really getting anywhere at the moment. That could imply that the consolidation seen since the wave (iii) high at 124.09 could be a triangle. If this expectation is correct, then more sideways consolidation should be expected before a rally to above 124.09 is seen.
This count will also imply that the low seen at 118.19 will continue to protect the downside.
R3: 122.83
R2: 121.84
R1: 120.45
Pivot: 119.00
S1: 118.47
S2: 118.19
S3: 117.27
Trading recommendation:
Our stop at 119.20 was hit for a small loss. We will buy EUR at 118.75 or upon a break above 119.68 with stop placed at 118.10.
