We continue to look for more upside progress towards the ideal target for red wave iii at 123.55 before a more prolonged correction in red wave iv takes over. A break above minor resistance at 120.10 should pave the way for a rally to 122.66 on the way higher to 123.55.
Only a break below 121.52 will indicate a more complex correction is developing as blue wave (iv) and a dip to just below 121.03 should be expected before the next rally higher towards 123.55.
We are long EUR from 120.25 with our stop placed at 121.40
The material has been provided by InstaForex Company – www.instaforex.com