Wave summary:
The break above resistance at 121.89 invalidated the expected triangle consolidation and instead told us that an expanded flat is unfolding. If this count is correct, then the high seen at 123.19 should cap the upside for a break below minor support at 122.04 for a decline towards the 118.00 - 118.39 area to completed wave (iv) and set the stage for the final rally in wave (v) towards 124.04. This will complete wave (v) and 3 and call for a new correction in wave 4 towards 118.39 before higher again.
Trading recommendation:
We will sell EUR upon a break below minor support at 122.04 with stop placed at 123.25 take profit will be placed at 118.45.
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