Back from a long weekend and ready to dig right in. I believe this morning's push up to a 1.3518 high in the EUR/USD was wave 3, which nicely subdivided into 5 clear impulse waves. So now that we are retracing in wave 4 targeting 1.3470, wave 4 should equal the previous 50 point wave 2. I am bidding for EUR/USD at 1.3473 with stops just below the .618 retracement of wave 2 at 1.3445.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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