Yesterday’s sell-off met our 1.2620 target but the break below negated our small bullish triangle outlook. Bigger picture, we still view Euro as in the midst of a wave-4 correction; our next best fit for this range is a larger triangle that can continue to mark time in a shallow range. S/t, a rally back through 1.2620 can signal a new leg up (wave-(c)) in the triangle and the target is 1.2795 which is .618 x wave-(a). Support is 1.2556 and the critically at 1.2501. Conviction: Med Levels: Support – 1.2556, 1.2501 Resistance – 1.2620, 1.2685, 1.2770
Read the full report: EURUSD