[B]Commentary:[/B] The high made on 7/18 at 1.3832 remains intact. As we focused on yesterday, the 3 wave rally from 1.3752-1.3830 suggests that 1.3752 will be broken. The decline unfoidng from 1.3830 is most likely either a wave 3 or a c wave.
A short term bearish target is the 161.8% extension of 1.3832-1.3752/1.3830 at 1.3700. This is also a former 4th wave/congestion area from 7/10. The bearish alternate has a triangle unfolding from 1.3832. 1.3832 is key to the short term bearish case.
[B]Strategy:[/B] Remain bearish, against 1.3832, target 1 at 1.3700, target 2 TBD