Commentary: We have maintained a bullish stance as the EURUSD is completing a 5th wave rally; BUT the rally may be nearing an end. We wrote yesterday that we favored labeling wave 4 as a triangle (alternation was one reason we favored this count). Bullish objectives are at 1.4912 and 1.4955. The pair has traded to 1.4856 today. One possibility is that wave iii of 5 ended at 1.4853 and that a flat correction is unfolding now in wave iv of 5.
This correction should come under 1.4812 at minimum and likely come closer to the 4th wave of one less degree at 1.4770 (38.2% of iii is at 1.4764). In summary, the EURUSD is likely to drop below 1.4800 before wave iv challenges the mentioned objectives (1.4912/55).
Strategy: Exit Bullish position