EURUSD Spike through 1.3600 and Technical Implications

The post news spike pushed the EURUSD through the 1.3600 figure but the bearish structure remains intact. In fact, It looks like there are 5 waves down from 1.3637 to 1.3541 (although it is not very clean) and this consolidation has played out as a 3 wave flat correction (as long as price remains below 1.3637). The 78.6% of 1.3637-1.3541 at 1.3616 is potential resistance but 1.3637 is key to the bearish case. Coming under former resistance at 1.3585 would be the signal that prices are headed lower.