Commentary: We are posting a short term 15 minute chart this morning to show the bullish potential. The rally from .8659 to .8895 can be counted as a 5 and yesterday’s decline is a 3 (much like the USDJPY decline). A push above .8845 near term would make the rally from .8710 a 5 wave affair and give way to a corrective setback, which would present an opportunity to get bullish (see the arrows that outline the expected path on the chart). We eventually expect a rally through .9068 at the minimum.
Strategy: Bullish, against .8653, target .9140
