The decline in wave c of ii has exceeded the expected target of 126.01 and it looks like more downside pressure will be needed after a correction towards 127.30. We do not expect this final decline to move much below 125.20 and it must stay above the start of wave i at 124.59. If this low is broken that will invalidate our bullish count and a re-count will then be needed.
Short-term a break above 126.23 will confirm that wave iii/ of c has completed and a corrective rally to 127.30 is developing in wave iv/ of c before the final dip to just below 125.20 to complete wave v/ of c and the expanded flat correction in wave ii.
We bought EUR at 126.26 and we will start by placing our stop at 124.50.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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