[B]Commentary[/B]: The EURUSD strucutre has confused us somewhat. The pair bounced just pips from below 1.3727. Technically, wave 4 should not intersect with wave 1, but in highly leveraged markets (such as FX), an intraday intersection is ok.
With that in mind, wave 5 may be unfolding now, which will carry above 1.3838. A rally through 1.3838 would complete 5 waves and expectations would then be for a return to the 1.3720 level. Also, if wave 5 (from 1.3720) is to equal wave 1 (1.3608-1.3727), then a potential terminus for wave 5 is 1.3839 - very close to the wave 2 high of 1.3838. In summary, look higher but near term bullish potential is limited.