EURUSD might have carved a potential Wave 2 around 1.2180 yesterday, or is preparing to push higher towards 1.2200/30 mark to terminate Wave 2. Either way, the currency is setting up for drop lower towards 1.1600 mark in the next several weeks as Wave 3 progresses. Alternately the entire structure might be unfolding as a 3-3-5 lower towards 1.1800 levels. We remain prepared to sell more on rallies through 1.2200 levels going forward.
Remain short against 1.2350, towards 1.1600
Remain short against 1.2350, towards 1.1600