The correction in wave (ii) is unfolding as expected. In the short term, we will be looking for a break below the minor support at 134.31 confirming a new test and a possible break below the support at 133.91 for a continuation lower to the 137.97 – 133.08 target zone. Once this correction is over, a new strong rally higher to at least the 149.55 top, and possibly much higher in the longer term, will take place.
We are short EUR from 135.27 with stop placed at 134.88. We will place take profit at 133.25.
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