EUR/USD
The latest break below a former top at 1.3670 has opened Pandora’s Box in terms of leaving the downside wide open towards a wave 3 projection at 1.2710 and ultimately towards the last major bottom at 1.1644. Short.-to medium-term we could get to see a bit of stabilisation towards a support cluster at 1.3366/23 (former low/int/. 61.8 %), which is however not expected to stop the bigger down rotation for long. The best you could currently hope for is a re-test of trend line resistance at 1.3915 but unless the latter is taken out the EUR bears remain in full control.
Preferred play: Short EUR – target 1.2750 –stop at 1.4000
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