Wave summary:
We have seen a nice impulsive rally from 120.50 to 122.75 indicating that a new rally to above 124.09 is unfolding. Short term, we could see a minor set-back towards 121.75 before the next impulsive rally higher towards at least 123.97 and possibly even closer to 125.34 should be expected.
Our long-term target for wave v and 3 is still seen at 126.54.
R3: 123,73
R2: 122,93
R1: 122,75
Pivot: 122,41
S1: 122.26
S2: 122.05
S3: 121.75
Trading recommendation:
We are long EUR from 121.40 with stop placed at 120.45. If you are nor long EUR yet, then buy near 121.75 and use the same stop at 120.45
The material has been provided by InstaForex Company – www.instaforex.com
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