Euro Technical Outlook

We wrote yesterday that “there is the possibility that a rally through 1.4757 would complete 5 waves up from 1.4438 and give way to another correction. However, it is also possible that the EURUSD is subdividing higher in a larger 3rd wave. With this in mind, the best strategy is to keep moving the stop up.” The short term supporting trendline will remain intact if the rally from 1.4438 is the 5th wave that we think it is. We are presenting our revised bull count today that treats the rally from 1.4614 as a third wave. An objective is at 1.5126 (161.8% extension).

[B]STRATEGY[/B]: Bullish, against 1.4609, target 1.5119