Just a few hours until Turkey time, but with the market on the move as it has been, we can't get too far away. EUR/USD has just completed wave 3 up and is poised to pullback and offer a high probability long entry into wave 4. The distance of wave 2 projected down from the just completed wave 3 pinpoints a 1.2918 target. Further, 1.2899 was solid resistance stemming from the Nov 10th high, but was decimated as wave 3 of 3 exploded higher to make 1.2899 now serve as resistance.

So we have wave 4 target at 1.2918 and November 10 breakout support at 1.2899. I am bidding 1.2915 and 1.2905 with stops under the 1.2885 targeting the wave 5 projections at 1.3025 zone.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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