Wave summary:
The rally from the 114.82 low does look constructive, supporting our view that the corrective decline from 124.09 has completed and a new rally to above 124.09 is now unfolding. We still need a break above resistance seen at 116.55 to confirm that the corrective low is in place. A failure to regain resistance at 116.55 will keep the possibility of another new low alive, but the odds for this scenario seem low.
R3: 117.47
R2: 116.85
R1: 116.55
Pivot: 116.00
S1: 115.57
S2: 115.46
S3: 115.00
Trading recommendation:
We are long EUR from 115.25 and will move our stop higher to 114.75.
