Wave summary:
We continue to look for more corrective upside pressure close to 128.91 before the final decline to below 122.06 is ready to take over for the final decline closer to 117.37 to end the larger correction that has been unfolding since the 149.55 high.
In the short term, we expect minor support near 126.76 will protect the downside for the final rally higher towards 128.91 to terminate red wave iv of C and set the stage for the final impulsive decline.
Trading recommendation:
We are long in EUR from 127.35 and we will move our stop slightly higher to 125.85.
The material has been provided by InstaForex Company - www.instaforex.com