If likehoods 1) and 3) are true, downside correction from 11/25/08 high 1.3080 must be limited above 1.2421/36 ---- Short term, price reaction in 1.2500/50 zone likely leads to another upside swing toward nearby 1.3296;
Likehood 4) leads to the development of a 5 wave structure started from 11/25/08 high 1.3080;
Likehood 2) still seems lack of essential information to conclude and has the least possibility So far.