We are still clearly in wave (ii). The rise from 134.26 has no impulse characteristics, which adds creedence to the count that we are in wave (ii) of iii down see my post from yesterday (http://theelliottwavesufer.blogspot.com/2011/02/eurusd-in-wave-iii-down_15.html) for the possible alternate counts.We could still see a move higher towards 136.24, as long as at 134.95 and more importantly 134.58 isn't broken to the downside. A break below 134.58 confirms, that wave (iii) down is under way.
Resistance at 136.24 should protect the upside. If however 136.24 is broken, that would concern and a break above 136.76 call for a new test of 137.44 and the a-b-c alternate count from 138.61 will be the preferred one.
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