The single currency finally reached our indicated downside target at 1.2500 as price dropped to as low as 1.2451 last week, however, as price has rebounded from there, suggesting the wave iii of 3 has possibly formed a temporary low there and few weeks of consolidation is in store and above 1.2750 would add credence to this view and bring retracement to 1.2900 and then 1.3000 but reckon 1.3084 (61.8% Fibonacci retracement of 1.3475 to 1.2451) would hold from here.
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