EURUSD - The EURUSD decline last week was the first weekly decline since the week that ended 3/23. The larger turn scenario that we have been looking for remains preferred as long as the pair is unable to sustain a break above Friday?s high at 1.3622 (reinforced by the 61.8% of 1.3680-1.3533 at 1.3624).
A rally above 1.3624 leaves the EURUSD susceptible to a new high in a small 5th wave. A daily close below the 20 day SMA (1.3573 today) would be a strong sign that a multi-week top is in place.