Technical summary:
We still have two possible counts for the rally from a low of 126.02. We still prefer the series of waves one and two slightly over the leading diagonal, then acceleration is likely to be needed soon, while a break below 127.74 shifts the count towards a leading diagonal for a correction to 126.73 before an increase in red wave iii.
So, this game continues to be a waiting one until the market shows us its real hand.
Trading recommendation:
We are long EUR from 126.96 and will move our stop higher to 127.70. If our stop is hit, we will re-buy EUR at 126.80 with a stop at 126.00
The material has been provided by InstaForex Company - www.instaforex.com