Wave summary:
We have already seen an expected corrective decline to 128.55 (the low has been 128.25). We are watching for signs that this corrective decline has run its course and a new impulsive rally to 141.04 and above is developing.
To confirm that a low is in place, a breakout above the minor resistance at 129.69 will be needed, but it should send us higher to 132.32 en route to 141.04 and above.
Trading recommendation:
We bought EUR at 128.60 and have placed our stop at 127.60. If you are not long EUR yet, buy on a breakout above 129.69 and use the same stop at 127.60 expecting to move it higher quickly.
