Euro $

Hi Everyone

I forecast a w5 up in the Euro today and it happened as shown above. The technical position is that the equidistant channel posted this morning is now acting as resistance and the pair has bounced off the upper line defining the channel , to the tick. I also observe a rising wedge with resistance just above the channel. For Elliott wave followers the ABC pattern in the chart above looks very corrective. Its hard to see any structure in A, but B is a classic 3 wave pattern and wave C is a rising wedge. It should be in a text book.

One things for sure. The Euro will make a decision for us,on the primary trend, in the next day or two. As far as I am concerned the daily trend in the Euro is still down. I will be watching closely.

Untill the dawn

Have fun and enjoy the football

David