Euro Technical Outlook

The EURUSD rally is stretched and due for at least a pullback and maybe, just maybe, a reversal. Wave structure favors a reversal sooner rather than later. The fractal nature of freely traded markets is on full display. That is, the form of the declines from 1.6000 and 1.4723 and their subsequent rallies are the same. The rally from 1.2886 is in 5 waves and wave 5 slightly exceeded the 1-3 line Friday. Overbought and divergent RSI on multiple time frames also warns of a turn.