We continue to monitor the decline from 0.9500 as a wave iv correction and continue to look for a move closer to 0.8995 before turning higher towards the ideal target at 0.9742. That said, we have to consider the possibility of a triangle developing as wave iv. If this is the case, then we should see resistance at 0.9388 protect the upside for a dip closer to 0.9122 to complete the triangle and then rally higher towards the expected target at 0.9742.

R3: 0.9388

R2: 0.9280

R1: 0.9229

Pivot: 0.9144

S1: 0.9067

S2: 0.8995

S3: 0.8935

Trading recommendation:

We are looking to buy EUR at 0.9010 or upon a break above 0.9390