|Chart extracted from Elliott Wave Analysis|
The corrective process from the 1.4045 trend sequence low is progressing well. It has broken the previous high at 1.4250 and the downtrend and is holding a solid updrift. Indeed we are close to completing a 3 wave move with a C=A terminus of 1.4325 (using AB=CD harmonic pattern). However given the 8 day decline from 1.4965 that would look a little too small. In the daily perspective we are looking for a 4 day reaction to the 1.4390-1.4420 area. Thus we must allow for the almost completed 3 wave move to be only A of a larger correction. This leaves the risk marginally higher to 1.4325 before down in either a B wave or possibly trend. A B wave would probably hold 1.4120 for a rebound to the 1.4390-1.4420 target. A direct loss of 1.4045 would confirms the downtrend has resumed. Thus venturing short around 1.4325 should cover both options.
Failing to pree on after breaks to new highs leaves the Euro vulnerable to a reversal to 1.4160 + possible lower. Over 1.4310 opens way to 1.44xx