EUR/USD has once again tested the parity level, but we see weakness in the latest decline as well as a complete five-wave decline from 1.1495 to 0.9950. Do we still expect EUR/USD to move lower? Yes, we do as long as resistance at 1.0369 remains the cap. A break above resistance at 1.0369 will be a strong indication that the decline in wave 2 has been completed and wave 3 is ready to take over for a new impulsive rally. However, for now, we need to see EUR gain some ground over USD. More importantly, we need to see a break above the resistance at 1.0369.
