As expected the euro moved towards the upside, reached both of our targets, and exceeded them by about 37 pips.
There is no momentum divergence on the hourly chart, and momentum divergence is the typical signal for the ending of a 5-wave trend. Because of this, in addition to the strength of the current uptrend, it’s wise to assume that it’s still ongoing until price breaks through a few support levels and/or we see momentum divergence.
With that in mind, the daily count is now pointing towards the downside, since right now the market is in a perfect position for a trend reversal.
We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.