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A strong break below 130.58 was not our preferred option. This break has more implication for our short-term count. as the decline to 129.49 meant our blue wave (4) is overlapping blue wave (1), which is not allowed under the EWP, so we have changed our short-term count and moved blue wave (1) to be the peak at 133.13 and the ongoing correction is only blue wave (2).
Blue wave (2) has already spiked the 61.8% corrective target of blue wave (1) and blue wave (C) is now equal in length to blue wave (A) indicating a bottom likely is in place at 129.49 and blue wave (3) higher is about to develop.
The first good indication this is the case is a break above resistance at 130.13 and more importantly a break above resistance at 131.42 that confirms blue wave (3) towards 138.10 is developing.
R3: 131.45
R2: 130.88
R1: 130.58
Pivot: 130.13
S1: 129.72
S2: 129.49
S3: 128.99
Trading recommendation:
We bought EUR at 130.70 and have placed our stop at 129.25. If you are not long EUR yet, the buy near 129.75 and use the same stop at 129.25.
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