Despite the stream of bad news for the Euro it remains vulnerable but still within consolidation.
* Pivotal consolidation now seems to have narrowed to 1.2995-1.3225.
* The drop to a likely 1.3110 intra day target should represent the first leg of a new decline to attack the 1.2995 pivotl
* We are looking to sell a recovery back to the 1.3170-85 50-61.8% region with 1.3230 stops
The Euro remains within consolidation in a pivotal 1.30 and it seems now 1.3225 range.
Indeed the seemingly constructive or rather destructive decline from the 1.3225 high suggests the rally from 1.2995 is a three wave corrective recovery on the face of it and therefore leaves the Euro vulnerable again.
So although the Euro should find support today at in the 1.3110 region updrift support and also equaling the last decline, as the next rally fades the 1.3170-85 region the 50-61.8% there is a window to break down not just to attack 1.3055 but also the 1.2995 pivot.
We will look to sell this rally with stops at 1.3230 as only a rally through 1.3225 restores the updrift to Fibo targets of 1.3285 and 1.3385.
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