We have now seen a close, on the daily basis, below the important support and neckline near 1.2800 and that calls for a much deeper decline in EUR/USD over the coming weeks and months. The S/H/S target is near 1.1800 and the first extension target (1.618 time wave 1) for wave 3 is at 1.1858.
Looking at the larger Picture we also have the low of the triangle D-wave at 1.1890 and the low of the triangle B-wave at 1.1840, so we should expect the 1.1840 - 1.1890 area to be a hard nut to crack.
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