Important resistance (neckline for the inverse S/H/S bottom) at 116.28 is currently being tested and once it is broken clearly, upside acceleration towards 118.47 and 122.00 should be seen.
A break above 116.28 will confirm that the long term correction from 149.56 finally completed with the test of 109.48 and a new long-term impulsive rally is building.
Support is seen at 115.70, which we expect will protect the downside for the test and break above 116.28 for more upside acceleration.
We are long EUR from 115.04 and will move our stop to break-even. If you are not long EUR yet, then buy near 115.70 or upon a break above 116.28 and use the same stop at 115.04.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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