My working assumption is that a wave 2 high is in place at 1.3740 (within what will be a 5 wave decline from 1.4723). It is quite possible that 1.3740 will be the high for the year. The rally from 1.3111 is in 3 waves and has stalled at the 61.8% of the decline from 1.3740. Price is also resisted by a resistance line. Coming under 1.3350 would bolster the bearish outlook.
