finitemonk

EURUSD - SUPPORT DROPS

FX:EURUSD   Euro Fx/U.S. Dollar
182 0 1
Weekend considerations

A, B to C - support drops - to me this is very significant.
By August likely to have lost the sharper lower left to upper right fork
leaving the two longer median lines (heavy black) to play out a game of increasing volatility
as they pull apart. The modified Schiff formed by the long drop from February to early April
so far is pulling down, weakening the Euro             , the longer term upward trying to pull up,
as noted by the ferocity of the bounce up from point C, which
reiterates the pair does NOT like being below the blue line.
I'm watching the red though as that was a sharp knock down from R2.
As we go to August this is one mighty fight.
As it is suspended between the two median lines right now I'd leave it well alone.
There are three positions: short, long and none at all. The last is sometimes the best.
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