Looking like we will hit the reset button on the euro. Any uptrend bias will look to have been broken today. We still will get impulses up but they will be short lived. The global market is looking to the dollar as a safe haven right now. Fundamentally this checks out. The poorer countries in Europe need a weaker euro. DXY will look to push to the 105 area. With 3 waves going above 1.09 each one hasn't come close to the previous highs. Once the 1.06 area is breached this will probably pick up speed very quickly. Looking at the fib levels this checks out also. You can refer back to my "this is still a downtrend' analysis. The euro bulls will fight but I will think that their sides will be flipping soon. The dollar is strong and will remain to be strong. We are printing mass amounts of money to supply what will be a shortage. If you get in early you can take partial profits at target because this move might have a chance to extend further. Might be a little fight to 1.06, but after that we are smooth sailing. Its a good risk to reward and will give you chances to add on to your position as you go. This move will pick up quickly. Start with a small position. Id probably say this will happen in about a months time. Who knows though. Once 1.06 is breached I'll move my SL to break even. This should be a good payout for those who take the trade. (I'm hoping it extends a little further)
Comment:
Bad dollar news has also be squashed very quickly