EUR/USD : Here we are Monday morning and the Euro has risen even higher. This is one of the reasons stops can be harmful and can take you out of the game prematurely. Previously, we suspected the top was made and we were wrong. The market proved that this morning but just the same, we still feel we are right, looking at the bigger picture and price should start to fall once again except this time, much lower. RSI divergence is still apparent and price action is still choppy.

EUR/USD : With the recent 3 wave corrective looking upswing, the equal price movement of wave “a” and “c” of larger degree wave “x”, RSI divergence, and the impulsive looking sell off recently, I’ve become more confident that we are probably headed much lower. Since the 50% retracement level was not reached by wave “w” back on Feb 14th, I’m still bearish Euro until that level is taken out. Like everything, only time will tell. Have a great weekend everyone!

(EUR/USD) With the clear three wave structure to the downside and then subsequently moved three waves up, I’m counting the recent price movement as a complex correction which should bring price action back down to the 50% Fibo retracement level at the very least. Also, notice the divergence in RSI. Now would be a great opportunity to short the Euro.

(EUR/USD): The drop in price recently on the daily chart looks to be a three wave affair as the channel from Feb 1-14 has recently been broken. The 50% fibo retracement level has not been reached as of yet so my count calls for further lowering of value before the corrective pattern is fully complete. Short term I’m bearish Euro until at least 1.33662 is reached.

(GBP/USD) The Sterling still looks bearish even though the fall has been a bit more choppy than expected.

(USD/CAD) It still appears that our count is correct so we’re not ready to change it. Price has remained up and we are waiting for new near-term highs to be made to before our confidence rises. Expect prices to move higher.

(AUD/USD) Could the Aussie finally be turning south in a larger way?  We will wait and see. Confidence has risen but we are still waiting for new lows to be made.

(USD/JPY) It would seem the pair has found support and should move higher. 7 waves can be counted down when looking at the 4 hour chart. It’s our view that the USD/JPY will make new highs before eventually coming back down for new lows.

(AUD/USD) The Aussie has held up very well against the US Dollar. Our count is still valid as the recent rise has not made a new high. Confidence has lowered as the key 61.8 Fibo level was taken out with ease. We shall wait and see what develops.

(GBP/USD) The drop has been so strong that it has given us a great confidence in our bearish outlook for the Pound. If wave (4) is indeed complete, expect a very large bearish move to the downside in the coming months.