Euro Correcting Gains

[B]Commentary[/B]: The 5 wave rally from 1.3261-1.3437 indicates that the larger trend is up unless 1.3261 is broken. However, a 5 wave decline at a smaller degree suggests that the decline from 1.3437 is just the first leg of a 3 wave correction.

What we are looking for is a bounce in small wave b with a decline in small wave c towards 1.3328, which is the 61.8% of 1.3261-1.3437. Again, the larger trend is up (as long as 1.3261 holds).

[B]Strategy[/B]: Bullish, against 1.3261, targeting 1.3680