Wave summary:
We are finally seeing the expected decline to the equality target between wave a and c at 116.83. With this test, the corrective decline from 124.09 finally looks complete and a new impulsive rally is ready to start. The first good indication that a corrective low is in place will be a break above minor resistance seen at 118.07, while a break above resistance at 118.80 will confirm that wave (iv) has completed and wave (v) to above 124.09 is unfolding.
R3: 118.07
R2: 117.66
R1: 117.21
Pivot: 117.00
S1: 116.83
S2: 116.71
S2:116.22
Trading recommendation:
We are long EUR from 117.05 with stop placed at 116.05. If you are not long EUR yet, then buy a break above 118.07 and start by using the same stop.