Euro Technical Outlook

There is no change from yesterday as the key level remains intact. “The poke above 1.4013 dampens confidence in the short term bearish count but does not invalidate it. Staying below 1.4181 keeps the trend pointed down. The series of lower highs and lows since 1.4340 may be a series of 1st and 2nd waves. Under this scenario, the decline from 1.4014 a third of a third (powerful) wave decline. It is also possible that the current decline is wave 4 of a diagonal from 1.2454 (alternate labels). A drop below 1.3747 would enable bears to move risk to 1.4014.”