The EURUSD staged a strong rally during US trading, exceeding the overnight high of 1.2967 and testing 1.30. In order for the bearish triangle that we have been following to remain favored, price needs to remain below 1.3085. Also, the final leg of the triangle (wave E in Elliott terms) has lasted for 6 days. The previous leg of the triangle (wave D) lasted for 6 days as well. A push above 1.3085 would shift focus to the October 30 high at 1.3302, which intersects a multi-month resistance line on December 29.
