EUR/USD
Despite the very impulsive decline from 1.3299 I still look for renewed weakness once this decline is over. Short term I'm looking for a decline towards 1.3042, where strong short term support will be found. Even a break below 1.3042 will likely not produce more downside, than a move to 1.2972 before the next rally higher. Longer term I'm still looking for a rally above 1.3300 towards at least 1.3491 and possibly even higher towards 1.3833.
That said, we must respect a change in the long term picture if we do break back below 1.2972 (daily close below), which will indicate, that wave e of the big running Triangle is over and a new major decline is developing.
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