Entry: 1.2550
Target: 1.32
Stop loss: two daily closes below 1.2450
On the daily chart below, note that price is sitting on another confluence of good support. I'll exit on two daily closes below the lowest trendline.
Zooming in to the chart above, you can see a clear 5-wave decline. This indicates that the larger trend is down, and after a brief rally, there could be continuation to the downside. However, note that wave 5 is an ending diagonal. This tells me we'll see an explosive rally soon.
