I have shown the channel which seems to be defining the down move in the Euro $ pair. In Elliott wave talk i feel that we are in a wave 4 flat corrective wave and that a small rally to resistance will take place, prior to a last wave 5 down . This should get the Euro $ down to about 1.31. The channel resistance is at about 1.3730 and i would expect this rally to happen today. Its not a move that i would trade in this forum but will be waiting for a chance to get short above 1.3700. When i get a valid signal i will report it here.
The Dow stock index looks very weak and has charted out a very bearish rising wedge in the past few weeks. I would expect the Dow to fall soon and the Euro$ to fall in tandem. Stock market weakness and dollar strength.
Good Trading
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