We continue to look for a final dip closer to the 120.62 target. This should complete wave 2 and set the stage for a new impulsive rally in wave 3. Short-term minor resistance is seen at 121.68 while short-term important resistance is seen at 121.86. A break above this resistance will indicate that wave 2 has completed and wave 3 is developing for a rally to and above 123.36.
R3: 121.85
R2: 121.68
R1: 121.53
Pivot: 121.30
S1: 121.07
S2: 120.92
S3: 120.62
Trading recommendation:
We are looking for a EUR-buying opportunity at 120.85 or upon a break above 121.68