Euro Triangle or Flat

The reversal that we have been looking for may be underway (see Compelling Evidence for a EUR/USD Reversal for more). It looks like there are 5 waves down from 1.3637 to 1.3541 and this consolidation will play out as either a triangle or flat in the 2nd wave or b wave position.

Potential trendline support is near 1.3470 and resistance is at the 61.8% of 1.3637-1.3541 at 1.3600. 1.3637 is critical to the bearish case.