Euro Reversal?

Commentary: We wrote yesterday that "an ending diagonal may be unfolding in wave 5 from 1.4040. This remains a possibility as long as price is above 1.4061. One more high may complete the larger advance near 1.4200.

The upper diagonal line is close to 1.4200. A rally to there may complete the advance from 1.4041 and possibly a larger rally. A drop below 1.4111 signals a short opportunity against the high." There is no change to the call for a top and reversal that brings the EURUSD back to at least 1.4040. The area surrounding 1.4200 should provide strong resistance.

Strategy: Short now, against 1.4205, target TBD