Euro Near Term Support at 1.3653

[B]Commentary:[/B] We wrote Friday that “this decline should extend to at least the 100% extension of 1.3852-1.3693 to 1.3611, but bearish potential is much larger.” The decline ended at 1.3608 last night and since the decline is only in 3 waves so far, we have to respect the larger bullish trend.

Very short term charts (15 min) show that the rally from 1.3608 would be in 5 waves on a push through 1.3679. Therefore, we are expecting EURUSD strength for the next day. Potential resistance is at the 38.2% of 1.3852-1.3608 at 1.3701 and the 61.8% at 1.3759.

[B]Strategy:[/B] Move to flat (previously bearish)