A EURUSD top may be in place at 12725. Price failed to reach the 100 percent extension at 12780 but the drop below 12550 suggests that the ending diagonal is complete. Given that the rally from 11875 is in 3 waves, the larger downtrend may be back underway. Even if the 3 wave rally is part of a flat, most (if not all) of the move from 11875 would be retraced. Favor the downside from here. Initial support is 12400.
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