We wrote Friday that “the drop below 1.5521 this morning makes it highly likely that the EURUSD is headed lower and quickly. Price should remain below 1.5699 going forward.” The EURUSD failed to accelerate lower and the decline from 1.5699 is not impulsive, therefore the short term count has been altered. We remain bearish bigger picture but expect a rally through 1.5699 before the decline resumes. The 38.2% of 1.6039-1.5521 at 1.5719 may serve as resistance, as could the 21 day SMA (currently at 1.5745).