The correction in red wave ii has turned into a triple zig-zag correction (x-y-z). Even though the individual zig-zags are simple structures, when added into a triple structure it becomes a complex corrective structure. With the z-wave reaching our ideal target at 119.87 perfectly the correction in red wave ii now is regarded as complete and a break above minor resistance at 120.48 and more importantly a break above 121.14 will confirm the next impulsive rally higher to 123.59 and longer term much higher levels remains expected.
We are long EUR from 117.25 with our stop placed at 119.00. If you are not long EUR yet, then buy a break above 120.48 and place you stop at 119.75
The material has been provided by InstaForex Company – www.instaforex.com