EURUSD: Top Formation: more weakness in store post counter-rally
Diupdate
EURUSD
As DXY goes up so this pair falls, sliding down a pair of
competing parallels towards the 1.2027 line and probably to
the 1.1915 line by mid May.
But in very near term it's already touching the lower parallels
and is likely to push back as high as the upper parallels at
very best on the attempted counter rally from here. Continue
to sell rallies until the downside target is met.
For confirmation of the next down-wave from here DXY has to
break above 91.95 and thereby force this pair lower still to
1.2027 and then to 1.1915.
Please see DXY comment for further detail/confirmation signals
As DXY goes up so this pair falls, sliding down a pair of
competing parallels towards the 1.2027 line and probably to
the 1.1915 line by mid May.
But in very near term it's already touching the lower parallels
and is likely to push back as high as the upper parallels at
very best on the attempted counter rally from here. Continue
to sell rallies until the downside target is met.
For confirmation of the next down-wave from here DXY has to
break above 91.95 and thereby force this pair lower still to
1.2027 and then to 1.1915.
Please see DXY comment for further detail/confirmation signals
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