We wrote Thursday that "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." With the pair turning higher from not far below 1.3480 (1.3462), bears remain on the defensive. A potential resisting trendline is at 1.3570 and the 20 day SMA is at 1.3584. Near term, a drop back to former 4th wave support at 1.3523 seems likely.