Prepared by Jamie Saettele, CMT
Structurally, I've maintained that the consolidation since the May high is just that - consolidation and most likely a triangle. However, it would be foolish to completely dismiss the potential for a US dollar breakout and extended EURUSD decline. The bullish count treats the decline from 14548 as completion of a flat. If that count is correct, then price should find a low close to the current level. Watch the trendline (13945 today) for support. Even if the larger trend is down, one would expect the trendline to provide interim support.