I expected support at 122.20 in the September Eurocurrency to hold and be followed by a move up to 125.00. Instead the market broke sharply this morning as you can see on the hourly chart above.
This does not change my basic view that the market is on the verge of a several hundred point rally. But now it looks like this rally will start from the ½ point of the next lower box which stands at 120.85.
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