Euro At Bottom of Range

The EURUSD failed to fall below 1.3514 and left a truncated 5th wave (refers to a 5th wave that fails to fall below the preceding 3rd wave of the same degree. We must consider alternatives to the more bearish scenario that we have favor. One of these alternatives is that an A-B-C correction ended at 1.3514 (see chart below).

A drop below 1.3514 encounters 1.3480 , which is where the A and C legs would be equal (and this would possible be the end of the A-B-C). If this is the case, then the EURUSD would register one more high (above 1.3680) before the big turn. Still, price remains below the confluence of the 10/20 day SMAs, which is resistance at 1.3585/86.