This pair is probably close to completing the recent correction and resuming is descent. It is possible that over the next day it will drop back down to either 1.2620, or the 1.2580 lows, possibly even as far as 1.2550 as minuette wave 5 unfolds. This last wave should complete the whole minor degree move down from the 6th August highs. It is probable the following correction of that whole move will reach at least to the 50% retracement mark at 1.2960. There is also a small chance that this correction may already have begun.
Analysis prepared by:
Joaquin Monfort
Forex4you analyst