Euro Registers High Above 1.4100

Commentary: We wrote yesterday that “the EURUSD has advanced as suggested and a rally above 1.4065 would possibly complete wave 5 that began at 1.3828. The risk of a reversal increases with every tick higher but, as always, we will wait for a 5 wave decline and 3 wave setback before turning bearish.”

A top is in place at 1.4119 but the degree of that top is unclear. A decline to at least 1.4023 is expected but a deeper decline would likely test a former 4th wave at 1.3936. A rally in 3 waves presents an opportunity to get bearish against the top (1.4119)

Strategy: Flat