Commentary: We favor a new low (beneath 1.1623) in order to complete the terminal thrust from the longer term triangle. As such, the rally from 1.1623-1.1894 is viewed as wave 4 within the 5 wave decline from 1.2468.
Coming under 1.1623 satisfies minimum expectations but we will be better able to determine bearish objectives as the decline unfolds. The bearish case is strong as long as price is below 1.1960 on a daily closing basis. Strategy: Flat