Commentary: We wrote yesterday that “the rally from .8659 to .8895 can be counted as a 5 and yesterday’s decline is a 3 (much like the USDJPY decline). A push above .8845 near term would make the rally from .8710 a 5 wave affair and give way to a corrective setback, which would present an opportunity to get bullish (see the arrows that outline the expected path on the chart).” The rally did push through .8845, all the way to .8906. The pair has corrected as expected and we advocate an aggressive bullish stance against .8710.
Strategy: Bullish, against .8653, target .9140