The Euro trade from 1.2501 is honoring our call for a wave-4 correction. After completing an initial a-b-c rally (“w”), there is now a sideway consolidation forming. We favor a coiling triangle followed by another a-b-c rally to more substantial resistance between 1.2860/3000. S/t, triangle support is 1.2625/06 and resistance is 1.2768. The forecast is for another lower high and higher low ahead of an eventual topside breakout towards the end of the week. Conviction: Med/High Levels: Support – 1.2625, 1.2606, 1.2584 Resistance – 1.2715, 1.2768, 1.2791
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