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The advance from 1.1640 is either in the final stages of an extended 5th wave (from 1.2482) or has completed an a-b-c-X-a-b-c (labeled W-X-Y) correction at 1.3680. The reason that we favor the former interpretation is due to the 3 wave setback from 1.3680 to 1.3392. As long as 1.3392 remains intact, it is our view that the EURUSD will work higher (in a 5th of a 5th) to test trendline resistance just above 1.3680. We are confident enough in the pattern to get bullish now, against 1.3449 (just below the 61.8% of 1.3392-1.3552 at 1.3453), targeting 1.3680 (since we expect a reversal following a new high, we do not want to push our luck). Move to breakeven on a rally through 1.3552.
