The Euro has held the 1.2625 low to provide a decent reaction but is destined to give way to a 'Nasty' Spike!
* Euro retraced to the 38.2% corrective target.
* It could extend in time an distance but completely wrong foot the market later with a sharp spike of the 1.2625 low.
* Question is where and how we will reverse today's short trade.
The Euro has recovered to the ideal 1.2800-15 38.2% retracement target following a complete trend sequence from 1.3065 to test but so far hold the 1.2625 low. However since the decline from 1.3285 doesn't appear complete this should form part of a correction probably a corrective consolidation before the Euro breaks down probably only to spike the 1.2625 low curiously to 1.2605 (both the smaller 5=1 from 1.31785 and and 61.8% of the larger 5=1 from 1.3285) but with potential clearly for 1.2485 5=1.
We have sold and will add on any further strength to 1.2870 with our stops still at the 1.2955 overlap point.
The issue will really come next week..whether we will reverse on new lows down to the 1.236 at 1.2420 or buy a break of 1.2955 for a larger C leg to 1.3285.
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