Until a break below 1.3747, there are numerous competing counts, including a triangle count as wave 4 within a diagonal from 1.2454. Bigger picture, I do expect weakness in the EURUSD but I’m not sure whether or not that decline occurs from here or after one more rally (above 1.4720). Yesterday, I wrote that “the bearish count shown above is valid against 1.4057.” I suggested 1.4075 as the risk level, not expecting a complex expanded flat. The lesson is to always heed Murphy’s Law. 1.4203 is the bearish level in the sand. Notice as well the topping head and shoulders formation since roughly June 23.