Commentary: As continues to be the case, rallies have unfolded in 3 waves at varying degrees of trend, indicating to us that the larger trend is down. A break below 1.1990 instills confidence in the bearish case and gives scope to a test of the 8/6 low at 1.1815.
The first bearish target is the 161.8% extension of 1.2215-1.1993/1.2111 at 1.1753. Strategy: Bearish now, add to position on break of 1.1993, risk at 1.2215, move risk to 1.2111 on a break of 1.1993, targets 1.1760 and TBD