The EUR/USD high of 1.2722 on 7-8-2010 was significant. On the 15 minute chart, it looks like the pair is coming down in 5 waves. Although it could change if 15 minute bar closes above 1.2616. That would negate the 5 down count.
Even if it is 5 down, whether the 5 down is impulsive or part of a 5-3-5 Zigzag still remains to be determined.
In either case, one of the trade with good risk/reward is to Short EUR/USD (currently at 1.2593) with target to cover at 1.2540. Stop loss being 1.2620.
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