EUR/USD - In wave C of iv higher

As mentioned yesterday the break above 123.25 would call for wave C higher towards the 126-127 area before turning down in wave v, which should ideally reach 114.71.

A move higher towards the 126-127 area would see EUR/USD make a back-test of the neck-line of the big Shoulder-Head-Shoulder formation, that has been building over the last 5 years (Fibo number).

The long term target for the Shoulder-Head-Shoulder formation is 88.35!