We wrote yesterday that “the rally from 1.5283 can be counted as a 5 wave advance and the decline from 1.5488 can be counted as a 3.
A rally through 1.5488 warrants a bullish bias.” The EURUSD did push through 1.5488, trading as high as 1.5570 last night before dropping over 100 points. To this point, the decline from 1.5570 is still a 3 (corrective) so there is no reason to change out short term bullish outlook. Keep posted to DailyFX+ though for alerts. Move risk to 1.5364.
STRATEGY: Bullish, against 1.5364, target TBD