The correction in wave ii has extended in time. However, it looks as wave ii is close to being complete and wave iii is ready to take over. A break above minor resistance at 125.07 will indicate that wave iii is developing for a rally towards 129.50 and 133.54 longer term.
That said, we need to accept the possibility of wave c/ of ii/ moving even lower towards 123.20 before completing, but it is not our preferred count.
R3: 125.95
R2: 125.34
R1: 125.07
Pivot: 124.75
S1: 124.45
S2: 124.15
S3: 123.75
Trading recommendation:
We are long EUR from 124.65 with our stop placed at 123.70