The strong break below 120.28 invalidated the ending diagonal we have been looking for. This has moved this option forward as the preferred. The above option is calling for a continuation lower towards the equality target between wave A and C, which is seen at 117.35. This is also very close to the 38.2% calculated target for wave (v) at 116.95. We will be looking for a low within this range.
Sell EUR at 119.85 with stop placed at 120.50 and place take profit at 117.50.