EURUSD moved slightly lower last week and broke trendline support with a drop toward 1.1440. From there, we have then seen a very interesting rebound, which suggests that the higher degree wave four we have been tracking is still in progress and unfolding as a more complex correction. This could still take the form of a triangle, or even allow for a deeper recovery toward the 1.1670 area. However, in either case, we still view this as a pause within a larger impulsive bearish sequence that should resume once this correction is complete. So overall, we continue to expect a wave five decline as long as price stays below 1.1765.
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