Yesterday I said, that I expected a small correction towards the 138.40 - 138.70 area, before the next rally higher sets in. We can now see, that a detour higher to 140.03 took place first, as an expanded flat correction as wave (ii) is forming. I still look for a decline towards the 138.40 - 138.70 area, but we could stall near 138.80, kicking of the next rally.Wave (iii) should take us to at least 141.12.
Infinitus has the bearish case covered here: ( http://singulorum001.blogspot.com/2011/03/eurusd-forex-elliott-wave-analysis-14th.html )
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