FX:EURUSD Euro Fx/U.S. Dollar
EURUSD has been on a nice sell off since Monday's high last week. Every pop was opportunity to short. Momentum appears somewhat to be slowing down. On Monthly, I see potential for a pop of S/G, but we will see how much of a pop we will get. I think we should at least retrace to the leg start around 1.0986, if we can get a pop around/near the level we closed Friday.
To some degree, I feel as if I am forcing this falling wedge. But the lower time frame will show change in momentum 1st. In bear markets momentum slowing down, doesn't always equate change in direction; hence why it is critical to understand what legs we are retracing. The leg start around 1.0986 seems somewhat important of a segment to test. The key is will this current level give us a pop. It's not really a leg start; rather a s/g level. The segment leg start I believe is closer to 1.710ish