This pair has been moving through a channel. After reaching the top area of the channel on 2nd of December, the bulls threw in the towel and with ECB inaction on 3rd of December, the decline magnified. Today's follow-through fall has made the decline into 5 waves which means the overall decline has just started. The low area of the channel provides a good support for the bulls to put themselves together and kick some ass but taking into account the sharp decline we\ve witnessed so far, I think the channel will be broken soon.
Sharif Azadeh, CFTe