Wave summary:
So much for that possible triangle count. In a low trading volume environment, it does not take much to destroy possibilities like this. So a complex wave (iv) is unfolding and the "old" 119.69 target back in play.
In the short term, we are looking for a decline to just below 120.80, that should be followed by a flat correction and then lower to the ideal corrective target near 119.69 to complete wave (iv) and setting the stage for the final rally in wave (v) of 3 towards 126.54.
Trading recommendation:
Our stop at 122.10 was hit. We will sell EUR here at 121.71 with stop placed at 122.20 and take profit located at 120.85.
