Euro Technical Outlook

The EURUSD (and the USD in general) is at a crossroads. The advance from 1.3877 is in 3 waves to this point (corrective) and the drop below the short term support line favors bears.

Still, it is likely that everything from 1.3877 is corrective and that the drop from near 1.49 is the second leg of a larger correction (X wave?).