STRATEGY: Bearish, against 1.5784, target TBD
We maintain that the spike to 1.5904 completed the entire rally from 1.4438. The decline from 1.5904 is the start of a larger 4th wave that should bring price back to 1.4650 (midpoint of the triangle that the EURUSD broke from). Near term, the drop from 1.5904 is a series of 1st and 2nd waves. Under this count, the decline from 1.5784 is wave iii of 3 of A and should accelerate next week.
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