No change from yesterday as price action is playing out as expected. "As long as price is below 1.3531, our working assumption is that either a 3rd wave or a C wave is headed lower. Short term measured objectives are at the 100% of 1.3680-1.3462/1.3609 at 1.3391 and the 161.8% extension at 1.3256.
Longer term, there is the possibility that a multi-month top is in at 1.3680 and that the EURUSD is headed much lower (towards 1.2500). This week?s COT data favors the larger top?. For more on positioning, see http://www.dailyfx.com/story/charting_center/futures_positioning_cot_report/Euro_Longs_at_New_Record_1179756178128.html
Al Bawaba
