Wave summary:
Ultra-low liquidity in the Far East market resulted in a spike in the EUR towards 123.85. This spike was quickly reversed, but the damage was done to bears. We still expect more correction/consolidation, but the possibility of a larger running triangle developing is becoming more and more likely. If this is correct, then we should seen wave e move closer to 122.21 before turning higher in wave v towards 126.54.
Only a break below yesterday's low at 121.53 will confirm the decline to 119.23 before the next rally higher in wave v can be expected.
Trading recommendation: Our stop at 122.20 was hit for a small loss. We will only buy EUR on a break above 123.85.
The material has been provided by InstaForex Company - www.instaforex.com