On the intraday chart of EURUSD, we are observing a nice impulsive drop that is now probably trading in blue wave iv of 3, with possible resistance around 1.2279, from where a new fall may occur. As we know fourth waves may be more complex than waves two, so we would not be surprise if price stays longer in this unfolding corrective retracement, than usual pullbacks.
Temporary invalidation level is at 1.13586, as long as it holds we are looking to the downside.
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