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.

The material has been provided by InstaForex Company –