Wave summary:
The rally of 123.78 is in no way convincing and does look to be the b-wave of an expanded flat correction, This means wave c lower to 123.43 soon will be seen. A break below minor support at 124.20 will indicate wave c of ii lower to 123.43 is developing. Once this expanded flat is complete renewed strength towards 133.34 will remain expected.
R3: 124.77
R2: 124.63
R1: 124.48
Pivot: 124.25
S1: 124.20
S2: 123.78
S3: 123.43
Trading recommendation:
We are long EUR at 124.46. We will place our stop at 124.20 and take profit at 124.70. As we want to re-buy at 123.50.
