A sharp rally from a low of 122.42 clearly confirms that wave a is over and wave b is unfolding now. The first wave b targets the level of 127.41, but we could move even closer to 130.00 before wave b is complete.
In the short term, we expect minor support to be found in the area of 124.14 - 124.35, which will ideally protect the downside for a continuation higher to 125.91 and 127.41.
We are long EUR from 123.80. We will move our stop higher to 123.35. If you are not long EUR yet, then buy near the area of 124.14 - 124.35 and use the same stop at 123.35.