The EURUSD is likely to exceed 1.5699 before resuming the downtrend that began at 1.6039.
The EURUSD failed to accelerate lower Friday (creating a double bottom) and the decline from 1.5699 is not impulsive, therefore the short term count has been altered. We remain bearish bigger picture but expect a rally through 1.5699 before the decline resumes. The 38.2% of 1.6039-1.5521 at 1.5719 may serve as resistance, as could the 21 day SMA (currently at 1.5745).