
This top chart shows the most appropriate Andrews' Pitchfork. This bottom trend line is the line to break. We will most likely bounce off it one more time.


Once wave ii corrects this should gain momentum. We will have to watch the waves in order to find a bottom, but for now it looks like the bears are in charge.

EUR/USD has a lot of cloud cover and bearish Tenkan-sen/ Kijun-sen crossovers to deal with. At the moment it is attempting the make an advance but once it starts to fall I see the next level of support about 200 pips below. This seems to be coordinating nicely with the SPX dropping sharply. As a reference the Euro was at 1.4000 when the NYSE closed on Thursday.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
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