We expect that minor support in the 121.50 - 121.70 area will be able to protect the downside for the next impulsive rally towards 123.18 and 124.16 as the next short-term hurdles towards the upside. A break above 122.48 confirms the next impulsive rally has begun towards 123.18.
Only an unexpected break below support at 120.92 will invalidate our bullish outlook.
R3: 123.75
R2: 123.18
R1: 122.48
Pivot: 121.85
S1: 121.70
S2: 121.50
S3: 121.92
Trading recommendation:
We are long EUR from 121.98 with our stop placed at 120.85