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Our short term count has changed a bit but it is still very bearish.

We are treating the decline-rally sequence from 1.5694 to 1.5361 to 1.5594 as waves 1 and 2 of larger 3 (or C).  Previously, we had mentioned that our bias was bearish as long as price was below 1.5643; risk can be moved down to 1.5594 now.  Near term resistance is at 1.5400 and the initial target is now 1.5050.

STRATEGY:  Bearish, against 1.5594, targets at 1.5050 and below 1.50