The EURUSD has been in a downward trending channel since 2008. Waves A-D have completed , and the 5th wave E is in progress.
Wave E has been in a minor consolidation for the past 12 months, cycling between the .618 fib and resistance of the 200 MAV, and volatility is approaching the multiyear lows last seen in 1997.
Something has to give ....
It would seem the EURO will continue the downward multiyear momentum , and the next stop would be at support of 1.04.
Against the US dollar , i am bearish on the EURO .... and am patiently waiting a clear break on 1.10 .....
Wave E has been in a minor consolidation for the past 12 months, cycling between the .618 fib and resistance of the 200 MAV, and volatility is approaching the multiyear lows last seen in 1997.
Something has to give ....
It would seem the EURO will continue the downward multiyear momentum , and the next stop would be at support of 1.04.
Against the US dollar , i am bearish on the EURO .... and am patiently waiting a clear break on 1.10 .....
