With the break back above 118.61 a second test of the 118.61 was expected. This high is currently under fire and we could see a move closer to 118.93 if an expanded flat correction is developing. This means that a second dip towards 117.24 should be expected from 118.93 to complete the expanded flat red wave ii and set the stage for the next impulsive rally towards 123.13.
R3: 119.00
R2: 118.93
S1: 118.61
Pivot: 118.51
S1: 118.28
S2: 117.91
S3: 117.75
Trading recommendation:
We will sell the final 50% of our long position from 116.80 here at 118.64. We will re-buy EUR at 117.40.