Wave summary:
The expected corrective decline from 121.98 is unfolding nicely. The ideal target for this correction is seen near 119.85 for the next rally higher towards at least 122.57 and possibly higher towards 123.42 to complete wave A. This scenario remains our preferred outlook.
That said, we have to take into consideration that wave A already completed at 121.98 and in this case, we should expect a more prolonged wave B correction before wave C towards 138.52 will be ready to take over.
R3: 122.58
R2: 121.89
R1: 121.05
Pivot: 120.75
S1: 120.57
S2: 120.45
S3: 119.85
Trading recommendation:
We are looking for a EUR-buying opportunity at 120.00.
