EU has just completed an impulse wave. In the process respecting the 51.8 Fibonacci level from the previous swing high to low (Aug. 14th - Sept. 20)
The MACD shows a shift towards the downside in momentum on the 4HR and Daily charts. ( EU Bears get a turn to show their stuff )
If the 1.548 is broken the nearest turn to the downside will be at the 1.46
( To break the 1.53 I believe it'd have to have strong momentum, so if its losing steam by then my analysis would be void. There are quite a few contracts waiting to be placed at these levels and BEARS will have to close them out before reaching the 1.4)
DXY has been creating some bearish flags on the 4HR and respected the Fibonacci level 0.236. I expect the dollar to move up during the holiday, however a short-term downside can be in play before we continue up to the 97 in the DXY.
The MACD indicator is shifting its 4HR momentum to the upside, but I expect this to be very light and to start during this Sunday due to the 1HR momentum shift to the downside. The next momentum wave should be the correction downwards towards the 93.80.
I tried doing this to the best of my ability and is purely my own speculation! Not trading advice, but ideas are great to have and share! :) I left a link to my other idea for EU as I was going long, but wasn't able to hold onto the trade. (my problem) However, I think it gives a good contrasting view of what could happen in EU!