EURUSD has extended its gains on Friday but then stopped at 138.2% Fibonacci extension level of wave i) measured from wave ii) low. In fact, pair found resistance after five waves up from 1.3414 so actually corrective retracement should not be a surprise as we expect a pull-back of a red wave iv). With that said, keep in mind that pull-back will be only temporary at may find a base around 1.3550/80 zone.
Only a break beneath 1.3480 would invalidate the wave count and suggests that EURUSD is ready for a sizeable decline.
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