JohnLaw
Short

STUMBLING the EURUSD LEGS by the day / update

FX:EURUSD   Euro Fx/U.S. Dollar
KEEPING THINGS SIMPLE ON THE EURUSD             / UPDATE
(1 day, log scale)


( little has changed, things working out as expected )

-the April/May negative divergence worked out
-price was meeting resistance in June turned down as expected
-at the time, RSI was just slightly at overbought levels (I would prefer a larger RSI overbought reading for a start of an uptrend)
-we are seeing lower highs. The sequence of lower lows , however, was stopped at the target that I previously indicated (1.08)
- this recent upswing has even been showing some bloody strength
- as expected, the larger time frame (which is in bearish mode) seem to take over again: down
- don't be surprised, though, to see some further choppiness - might even touch the resitance line once more. At such a point, however, I tend to expect the RSI not providing any evidence of a strong trend.

In other words: perhaps some further choppiness (who knows these days) but the longer term trend will take over again.

The 1.08 target is inevitable (which is not to say 1.05 or possibly even parity are out of the window, it's just that those levels are a tad less likely for now - we need a clear break of 1.08 for that to come into play. It could happen fast, though, once markets realize that "the Greece issue" is FAR from over - even worse: the Greece issue is getting bigger by the day. We just won't admit it).
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