[B]Commentary[/B]: We wrote yesterday that “if the rally stalls in the .8515/31 area (or before), then we will assume that the rally from .8332 is the b wave in an irregular flat correction. The next move would be a decline towards .8332.” The decline ended this morning at .8373 and looks like a sharp 2nd wave correction.
The very short term charts (like the EURUSD) show impulsive upside action. As such, it it likely that a low is in place at .8373 and that price is headed higher (above .8510) over the next few days. We?ll look for targets in the days ahead. A rally through .8421 would increase confidence in the bull argument. [B]Strategy[/B]: Bullish now, against .8373, targets TBD