Trying to work out the direction of the EUR/USD based on EWT has been painful for me recently, so I am going to ignore any more counts until this consolidation is over, and focus on some simple technical analysis. As you can see from the above chart the pair is in sitting in a clearly defined range between 1.345 and 1.368. At present price is nearing the top of the range, and RSI on the hourly is nearing overbought levels. The long term overall trend is down. All these things point to future weakness in the Euro, so I am going to attempt to range trade this pair by shorting at the top of the range, with my stop just above it.
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