We showed this possibility yesterday on the forum. That is, the rally from 1.5342 could be an ending diagonal in the 5th wave position. Under this scenario, the EURUSD would spike through 1.5916 in wave v of the diagonal before reversing.
Since wave iii of the diagonal is shorter than wave i, then we know that wave v can not exceed wave iii; which would place a top no higher than 1.6076. The diagonal is the alternate count though. The A-B-C correction (A down to 1.5342 and B up to 1.5916) is preferred. A break below 1.5670 would inspire confidence in this bearish scenario.