EURUSD Bears Waking Up

The wave picture has gotten fuzzy over the past 24 hours. I am beginning to lean more towards today's high as a 'B' wave which suggests a mutli-hundred pip sell off is on the horizon.

If it develops, I'll adjust the labels on the chart when counts get eliminated.

Note the divergence on RSI...that is also indicative of B waves and ending waves.

On a side note, German Bunds found support at a 4 year trend line today. The EURUSD has been running in the opposite direction of Bunds. So if Bunds are supported, EURUSD is likely capped.

IF...and that is a big IF...Bunds crack and break lower through support, we'll likely see the EURUSD scream higher. I think we eventually receive this scenario...but not yet. So as the EURUSD corrects lower, there'll be a spot where EURUSD can be bought in anticipation of Bunds cracking down and EURUSD beginning a big up trend.

We'll keep an eye on the 1.10-1.11 area for clues. 1.0815 likely holds up.