Euro Technical Outlook

Staying bearish has paid and should continue to pay in the weeks ahead. Structure on the daily has been clear and I maintain that a 3rd of a 3rd wave is down within the 5 wave decline from 1.60. Shorter term structure is coming into focus as the slope of the EURUSD decreases (as should happen in 3rd waves). There is no reason to alter the bearish outlook. Risk can be moved to 1.3396. There may be support near 1.30 from the 2/23 high (former resistance) but the trend is down and rallies should be sold. A short term Fibonacci extension at 1.27 is a short term bearish target (long term target is much lower).