After calling the wave 2 top weeks ago, the EURUSD has declined over 700 pips but the decline has been less than inspiring. Still, experience has taught me that markets often lull participants to sleep before a big move, which is what may be going on here. Price is below the 200 day SMA (not shown), which is sloping down and right at the 55 day SMA (in blue). Since the March top, the EURUSD has made lower highs and lower lows (see false channel). Staying beneath 1.3303 keeps the downtrend intact although price ideally remains beneath 1.3160. We can’t force the market into impulsive action, but an impulse lower is what I am expecting.