1.4671 was taken out and the EURUSD weakness has resumed. This is the long term count that we have favored for sometime. It calls for a bottom and reversal following completion of the drop from 1.6039, which is either the final leg of wave IV or the first leg of a new bear market.
Either way, a sizeable bounce is expected to begin soon. Lower prices are expected as long as price is below 1.4695, in order to complete 5 waves down from 1.4908. There is a short term count that treats the drop to a new low as a b wave though. This would suggest a sharp rally in wave c that ends above 1.49 before a new low is registered. We’ll cover this count in the GBPUSD analysis.