Wave summary:
Important short-term support at 131.00 continues to protect the downside keeping our preferred count alive for a final rally higher towards 135.97 before the correction from 129.62 comes to an end and a new impulsive decline below 126.05 should be seen.
Only a direct breakout below important support at 131.00 will indicate that wave (ii) ended early at 134.59 and wave (iii) lower is already unfolding.
Trading recommendation:
As wave [ii] became slightly deeper than first expected our stop at 131.40 was hit, but we will re-buy EUR here at 131.70 with a stop and revers at 130.95.
The material has been provided by InstaForex Company - www.instaforex.com