Wave summary:
We continue to look for more downside pressure towards 120.10 to complete wave (iv) and set the stage for a new impulsive rally in wave (v) towards 126.59.
Short term, we are looking for a break below minor support at 122.96 and more importantly below support at 122.53 to confirm the expected decline in wave c of (iv) towards 120.10.
Only an unexpected break above the 124.09 high will call for a direct rally higher to 126.59.
Trading recommendation:
We sold EUR at 123.50 with stop placed at 124.15. Take profit is placed at 120.25.
