Wave summary:
As long as support at 118.24 is able to protect the downside, we will favor the possible triangle count for a rally towards 122.25 in wave D of the triangle consolidation. Only an unexpected break below support at 118.24 will invalidate the triangle consolidation and call for a little more downside towards 117,00 to complete the double zig-zag correction and set the stage for a new impulsive rally above 124.10.
R3: 122.83
R2: 121.84
R1: 120.45
Pivot: 118.75
S1: 118.47
S2: 118.19
S3: 117.00
Trading recommendation:
We are long EUR from 118.75 with stop placed at 118,00.
