Now that the Euro has come off to the target mentioned last week, we can try to finetune the possible end points for the current weakness. Remember again that we are still looking at short term trades.

Elliott Wave analysis of EUR/USD offers one possible end point just below 1.3970 today. That level also coincides with a 70.7% retracement of the prior rally to 1.4186. There is intervening suppport at 1.4006 (being the 61.8% lvl, but I don’t have the courage to try long there). Even buying at 1.3965 area has its risks, because we will be going against the trend. But if one is considering a qucik trade, then it is likely we will find supports between 1.3945 and 1.3968 as good for the day.