Euro 1.3475 Strong Resistance

No change from yesterday as price action is playing out as expected. "As long as price is below 1.3531, our working assumption is that either a 3rd wave or a C wave is headed lower. Short term measured objectives are at the 100% of 1.3680-1.3462/1.3609 at 1.3391 and the 161.8% extension at 1.3256.

Longer term, there is the possibility that a multi-month top is in at 1.3680 and that the EURUSD is headed much lower (towards 1.2500). This week?s COT data favors the ‘larger top?. For more on positioning, see Euro Longs at New Record Has Reversal Implications