A very important local high. The downfall will continue.
The entire world is convinced that the Euro cannot go too much lower than 1.00. It's just physically impossible! By now the big banks should be holding massive short put positions, betting on an inevitable bounce. The market has no other choice than to administer a heavy dose of punishment to those organizations and individuals, just enough to force them to completely abandon their beliefs. I won't be surprised if Deutsche Bank will be caught on the wrong side of this trade and the entire EU will have to bail it out.
At this point I am 100% certain that the Euro will break below 0.80. The only question is how far under it will go. 0.75 looks realistic.
very interesting approach, thanks for sharing! I also am overall bearish, however still looking for this bullish structure to play out. do you mind if I share my chart?