Prices spiked higher on Friday due to the weak Non Farm Payrolls data, but only to resume an underlying decline towards at least a 38.2% corrective target at 1.6781. In the short term, we are watching for a break below 1.7294 (the bottom of wave i of C) to confirm wave iii moving lower to at least 1.7028.
At this point, only an unexpected rally above 1.7650 will question the underlying bearish count.
Our stop at 1.7580 was hit due to a price spike on Friday, but we remain bearish and still see a nice downside potential. So, we will like to short EUR at 1.7530 with a stop at 1.7660.