We're back in business with our 1.2990 target before the year-end push up to the 1.3330 highs. This Friday morning's Eurodollar meltown is the third of 5 waves that should bring us to the .618 retracement of the larger wave 3 labeled in black. We need to wait for this morning's move to retrace before working new short positions heading into the last trading week of the year.

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

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