Wave ii is still unfolding and is expected to move lower towards at least 120.57 and maybe even closer to 119.99, which marks the 61.8% corrective target of the rally from 118.19 to 122.89.
Once wave ii is complete, the scenario is still valid for a strong rally higher towards 125.53.
We will buy EUR at 120.65 or upon a break above 121.60.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review