The price is in full consolidation before breaking up resistance at 1.2300. According to the interpretation of the Elliott
cycles the EurUsd
crossis in the corrective subwave IV of the major 5. Moreover, by applying the Fibonacci expansion
, we can see how everything fits perfectly: monthly-weekly resistance, Fibonacci level and Elliott's wave.
After breaking the 1.2300 level, enter the long position without hesitation until 1.2500.