The EUR/USD pair has resumed its down-trend and will probably fall to reach the target from the channel breakout earlier which lies at around 1.2370, and which also happens to be near where the weekly pivot is located. In Elliot terms this new wave down may be a wave 5 of the breakout move from the triangle in May, and it will therefore probably eventually re-touch the 1.2280 lows.
Analysis prepared by:
Joaquin Monfort
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