Commentary: We wrote yesterday that wave 5 is indeed underway from 1.3828 and is appears that one more high (above 1.3988) is required before a more significant top is in place. This 15 minute chart shows the structure of wave 5 from 1.3828 and suggests that it is close to complete.
A rally above 1.3988 satisfies minimum expectations for the end of wave 5. The EURUSD has advanced as suggested and a rally above 1.4065 would possibly complete wave 5 that began at 1.3828. The risk of a reversal increases with every tick higher but, as always, we will wait for a 5 wave decline and 3 wave setback before turning bearish.
Strategy: Flat (exited longs at 1.3988)