“The fractal nature of the market has been on full display in the EURUSD since the top last year at 1.60. There are 5 waves down and 3 waves up at 2 degrees of trend. The ‘1-2’ down from 1.4723 is waves 1 and 2 of the next 5 wave decline.” Since 1.3742, the EURUSD has made lower highs and lower (albeit slightly) lows. There is no reason to alter the bearish outlook. It is unclear if yesterday’s high (1.3396) remains intact. A push above there exposes potential trendline resistance just shy of 1.35. The critical level for bears though is 1.3586. Potential short term support today is 1.32 (short term Fibonacci).
