EURUSD: The pair yesterday initially fell down to 1.2545 beforerebounding back up to recheck (and validate?) the break ofthe “neckline”. If managing to take out 1.2545 we shouldalso see an almost immediate extension south passing1.2501 (targeting next 1.2335 (161.8% of the mid Octdecline) – 1.2322 (h&s target). If not managing to breaklower will open for an alternative wave count, a bear triangleand as such a bounce toward 1.27/28 will take place beforebreaking lower, targeting the same area as in the primaryscenario.
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