The euro, being in good shape, is clearly not ready to relinquish the initiative, even for a short period. An attempt to start a correction was unsuccessful, as buyers successfully repelled the attack and managed to update the May maximum. This time, a proper corrective pullback is unavoidable.
The extended wave 3 appears fully formed, indicating it's time for the market's next phase. The corrective decline is expected to take the form of a simple zigzag and will likely become wave 4. The wave count may undergo adjustments in the future, but we'll proceed based on the current picture.
In this situation, it is advisable to attempt selling at current market levels.
Investment idea: sell at 1.0890, stop loss at 1.0915, take profit at 1.0850.
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