[B]Commentary[/B]: Potential remains for a push to the 1.3750 area before a reversal back towards at least 1.3463. The rally from 1.3360 may be an initial 5 wave advance within a larger rally sequence but even if that is the case, a correction would be expected to play out to at least 1.3563 (former 4th wave).
The structure of the decline from 1.3718 will give us a better idea of the larger trend. A break of the short term supporting trendline would warrant a bearish bias.
[B]Written by Jamie Saettele, Technical Currency Strategist[/B]