A correction from 141.06 was very small, which is not that uncommon during wave three corrections. We will be looking for a clear break above the base channel resistance-line near 140.75 confirming acceleration higher towards 144.03 as the first minor upside target. However, an extension of wave (iii) should be expected and that would call for a continuation higher towards 150.77 as the first extension target.
Short-term support is found at 140.27 and 139.85, which will ideally protect the downside for a clear break above 141.06. The risk is that some kind of flat correction is unfolding, but consolidation at 141.06 should remain rather small.
We are long EUR from 140.55 and will place stop at 138.75. If you are no long EUR yet, then buy EUR near 140.27 or upon a break above 141.06 and use the same stop at 138.75 for now.
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