Wave summary:
One can hardly say that the rally of the 127.52 low is convincing yet, but it is possible that either a series of ones and twos are building or a leading diagonal, so we continue to look for support at 127.52 to be able to protect the downside for a rally to and above minor resistance at 130.40, which will confirm more upside towards 137.36 in the third zig-zag rally from 109.48.
Only an unexpected break below 127.52 will delay the expected rally, but backup support is seen just below at 127.19.
R3: 130.40
R2: 129.50
R1: 129.15
Pivot: 129.00
S1: 128.63
S2: 128.42
S3: 128.04
Trading recommendation:
We are long EUR from 128.50 with stop placed at 127.75. If you are not long EUR yet, then buy near 128.28 and use the same stop at 127.75.
