EURUSD – double top and wave projections target 1.2770/2668
Now all 3 of our expected downside levels have been broken with 1.2955/36 being the final barrier. This leaves behind a broken uptrend and double top. The double top projects a further selloff to 1.2668 which is also the November 2012 low. The old neckline at 1.2955 is now key resistance.
S/t, the correction high at 1.3243 (which created symmetry with another a-b-c correction) marks the beginning of an unfolding 5 wave downtrend. We are likely in Wave iii of 3 which should be the strongest part of the move lower; our first symmetry target is 1.2770, just above the key April lows.
Levels: Support – 1.2770. 1.2668/32 Resistance – 1.2936/55, 1.3030