Due to the nature of decline following ECB's announcement, it seems to be still in wave 3 decline. Wave 3 often extends and are very strong. This is what appears to have happen, where the complete cycle was expected to end it actually gathered momentum to the downside.
This has called for a complete review and now feel that potential downside could continue for a some time.
Within the overall cycle, we are now approaching possible termination of wave iii of 3, around 0.72 where a wave iv of 3 could develop offering short term opportunity to go long.
However, a better trade would be for the retracement to complete when a short trade could be planned around 0.76 with downside target of 0.71 or lower for completion of wave 3 in the vicinity of some fib confluences and previous area of resistance which could now turn into potentials support (see monthly chart the details)
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