The euro ended the week by achieving a net decline instead of moving towards the upside as expected.
There are two points to notice here: 1) the recent downwards movement is clearly choppy and has a corrective quality to it, and 2) momentum is making higher lows in divergence with price.
This indicates that the recent downswings are getting increasingly weaker. So unless the market moves strongly and quickly towards the downside, our count still favors the upside.
We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.