EURUSD reversed sharply from the lows last week after Bernanke’s speech. The pair moved straight up almost 400 pips in just two days.
However, the larger trend for euro/dollar is still down so we are observing a bearish wave count as far as a 1.3415 high in place.
We are tracking a corrective rally that has room for more gains in the near future as corrections are in three wave patterns, so an A-B-C recovery could reach the 1.3220-1.3250 level in the near-term.
