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). Ultimately, the EURUSD is in a long term bear that likely lasts for a few years. That is not to say that there will not be rallies along the way. Near term, 5 waves may be nearing completion from 1.3640. Look to sell rallies… the breakdown level at 1.3416 is resistance.
