Euro Working Lower

Commentary: There is little change from yesterday. We wrote yesterday that “it is possible that 5 waves higher are complete at 1.3719. A decline should unfold then correctively with potential for a bottom to form near 1.3497 (61.8% of 1.3360-1.3719).” This count appears to be on track, look for the decline towards 1.3497 to accelerate soon. "

Another count has the entire rally from 1.3360 as larger wave B within a more complex correction from 1.3852. If this is a correct count, then wave C of the correction may be underway from 1.3719 and price is headed much lower, below 1.3360 and to the 1.3000 area. Either way, look lower near term. If the decline from 1.3719 unfolds in 5 waves (impulse), then the count that has the EURUSD headed below 1.3360 will be favored."

Strategy: Remain Bearish, against 1.3719, target 1.3510 and TBD