The EURUSD broke below its immediate channel line support towards our projected direction. It is seen to be trading around 1.1647 levels at this point in time and could lead to further drop towards 1.1590/1.1600 levels going forward. Looking into the wave structure, an expanded flat is most likely being carved out at the moment and the projected termination points could be between 1.1500 and 1.1600 levels going forward. With a few pips remaining on the down side after having taken 200 pips out in two days flat, we would now change our stance from neutral to long again.
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