Open trades right now are long AUDNZD from 1.1221 and short NZDUSD from .8049. The stop on AUDNZD can be moved to 1.1329 and the stop on NZDUSD can be moved to .8106. Targets on both have not been determined. Now, we see a high reward / low risk opportunity to sell the EURUSD.
Our best longer term count treats the decline from 1.5904 as wave 4 (within the 5 wave advance from 1.2865) of III (within the 5 wave advance from 1.1638). Typically, 4th waves retrace about 38.2% of wave 3 of the same degree; that would place the EURUSD near 1.4894. Another common occurrence is for price to come back to the center of the triangle that the break occurred from. That places the EURUSD near 1.4650 (very close to the 50% at 1.4582). The near term picture confirms our long term count. 5 waves down are complete and a 3 wave correction is complete at 1.5701. Risk is at 1.5701. As long as the EURUSD is below this level, price accelerating lower remains a possibility.