Wave summary:
After testing very strong resistance near 126.90, we are look for a breakout below minor support at 126.05 to confirm that wave b is over and wave c towards 119.90, and possibly even lower to 117.35, is developing.
It should just be a matter of time before we could see the peak of this b-wave rally and a new strong decline in wave c.
Trading recommendation:
We are short EUR from 126.79 with stop placed at 128.20. If you are not short yet, then sell now and use the same stop at 128.20 or sell on a break below support at 126.05.
The material has been provided by InstaForex Company - www.instaforex.com