EUR/USD - The next leg lower towards 114.71 has begun

Sub wave (i) and (ii) is done and we should now see sub wave (iii) down to at least 121.06, but more likely we will see an extension lower towards 119.59.

Short term a break below 122.95 will confirm that sub wave (iii) is in motion. If we fail to break below 122.95 and break above 123.47 we will need one more move to the upside for a test of 123.91 before sub wave (ii) is finally done. My preferred scenario is that sub wave (ii) is done with the test of 123.51.