Wave summary:
We continue to look for a break above minor resistance at 117.49 to confirm more upside pressure towards 118.59 and 122.00 as the next upside targets.
A clear break above 117.49 will also mean a clear break above the pitchfork mid-line and give us a 80% likelihood of a continuation higher to the pitchfork resistance line, which is currently seen near 121.60. Short term, support is seen at 116.60 and should ideally protect the downside for the break above 117.49. If support at 116.60 fails to protect the downside, more sideways consolidation should be expected.
Trading recommendation:
We are long EUR from 115.04 with stop placed at 116.04. If you are not long EUR yet, then buy a break above 117.49 and place your stop at 116.50.
The material has been provided by InstaForex Company – www.instaforex.com
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