Month: June 2016

EURUSD: New Downtrend vs. Sideways Triangle

In the wake of the Brexit vote, the official currency of the eurozone took a considerable hit against the US dollar. It began by the EURUSD losing over 500 pips of its value in a single day, breaking the 1.1000 support level, followed by a timid 50% correction that seems to be meeting strong resistance. Momentum has also turned rather bearish over the past week.

All this supports our main view that a new downtrend has begun and will continue for a long time to come, but it doesn’t negate the possibility that a very long-term triangle is still unfolding sideways. These are strange and wild times for the euro, and as always we’ll do our best to keep you one step head.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.

GBPUSD: Cable`s Long Term View –Continued

In the previous analysis, the main count expected upwards movement while the alternate count focused on the downwards probabilities for Cable.

Cable confirmed the alternate count and both targets were reached and exceeded.

This week`s main count expects Cable to continue downwards while the alternate count expects upwards corrective movement before resuming the downtrend.

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