Wave summary:
We continue to look for a deeper decline in the wave c of (iv) closer to 119.70 to complete the wave (iv) and set the stage for the next impulsive rally higher towards 126.54 to complete the wave (v) and 3.
Short-term resistance is seen at 122.45, max. 123.01 that should cap the upside for the next move lower towards 120.87 and 119.70.
Trading recommendation:
We are short EUR from 123.50 and will place our stop lower at 123.05. Take profit is set at 120.25.
