EURUSD is trading around 1.1886 as we write this update and is extremely close to taking out 1.1780 support. This falls in line with our earlier projections for a meaningful top in place at 1.1965. The currency should pullback sharply thereafter and proceed to produce a counter trend rally possibly through 1.1880 mark. The waves could be now defined as Wave 1 (around 1.1780), which could be followed by a corrective rally towards 1.1880, potential Wave 2. If the above proposed wave structure is correct, we are going to witness a Wave 3 drop soon.
Remain short, stop @ 1.1970, target is open.
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