NEW YORK ( TheStreet) -- EUR/USD hit new lows yesterday around 1.3265, where an impulsive decline from 1.3568, wave 2) top, could complete. We are talking about a short wave 3) that was reversed recently by a corrective red wave 4).

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If this is the case, then a EUR/USD short trend could reach new lows once a corrective, red wave 4) completes around the 1.3400 region. Bears remain in play as long as the pair trades below the 1.3502 zone.

TheLFB Charting: EUR/USD 4-Hour View

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