Euro Decline 3 Waves So Far

Commentary: There is no change from yesterday as the decline from 1.4281 is still in just 3. If the decline extends to 5 waves, then we?ll have an opportunity to get bearish against the high (1.4281).

Keep in mind though that the nature of the decline to this point is corrective, which leaves the EURUSD vulnerable to a new high. Still, over the next month or so, we are looking for at least a return to 1.3828 (former 4th wave) and possibly 1.3712 (61.8% of 1.3360-1.4281). As the decline unfolds, we will be able to better ascertain bearish targets.

Strategy: Flat (waiting for clarity)