Wave summary:
We continue to look for more correction in wave (iv) closer to 119.23 before the final rally in wave (v) of 3 towards 1.2654 is expected. The structure of the ongoing wave (iv) correction is already pretty complex and we expect that this level of complexity will continue throughout the entire correction.
The preferred corrective structure is that an expanding flat is unfolding and the ongoing wave c of (iv) likely will become an ending diagonal, but be aware that, we have a multitude of possible structures that can unfold from here.
Trading recommendation:
We are looking for a new EUR buying opportunity at 119.45 or upon an unexpected break above 123.85.
