Technical summary:
We are still looking for a final decline towards the ideal target at 125.98. In the short term a break below minor support at 128.36 and, more importantly, a break below support at 128.03 will confirm that the final impulsive decline is developing. A decline to 125.98 will finish the impulsive decline from 149.55. It will mark wave C of the expanded flat correction that has been unfolding over the last three months. Resistance is now found at 129.16 which will protect the upside for the expected decline.
Trading recommendation:
Our stop at 129.10 was hit for a very nice profit. We will sell EUR here at 128.63 again with stop placed at 129.15 and will place take profit at 126.25.
