Confirmation for this signal can come if we hit 1,07422 during October, or if November-December closes with a high that is lower than 1.10971.
There's a kicker here though, the RgMov indicator -which plots a visual representation of investor sentiment, obtained using a proprietary calculation developed by my mentor, Tim West- is showing a deeper decline than the one observed on the previous bottom, which could be a signal, if we get further confirmation, or simply an increase in sentiment.
If we don't see 0.95047 hit during the next 2 months, this would constitute a signal on close, and I could envision this happening if the Fed disappoints the bears by not hiking interest rates on the December FOMC meeting.
For now, I'm flat EURUSD , but I have long positions in USDSEK , USDJPY , USDCHF and USDNOK .
I'll be monitoring the progress in the dollar to either hold my trades anticipating the lofty long term targets seen here, or, look to flip long if we get reasons to do so.
The best thing is that we will get a big long term signal within 2 months. Stay tuned for updates.
They could lead to an instant rebound if tested, so keep an eye on them.
If not hit within 3 weeks, bears will lose steam, implying we could see a reversal.
Daily gives us a different target:
I'll post an updated chart with the ECB and FOMC levels.
We could see a strong turning point in the Euro soon.
It could take 3 weeks, though, so be careful if trying longs.