We are looking for important support at 121.22 to protect the downside for a break above resistance at 122.13 that will confirm red wave ii being complete and red wave iii taking over for a new strong rally towards at least 124.79 and possibly even higher.
Only an unexpected break below important support at 121.22 will invalidate our bullish outlook and call for a new test of 120.78 and likely just below.
R3: 122.49
R2: 122.13
R1: 121.85
Pivot: 121.69
S1: 121.64
S2: 121.22
S3: 120.78
Trading recommendation:
We have bought EUR at 121.75 and placed our stop at 121.20.