In our last weekly analysis, we shared our expectation that the market will begin a massive downtrend, and we suggested that 1.0525 would mark the point of confirmation for this view.
Since then the market plummeted for nearly 800 pips in an impressive, uninterrupted move the likes of which we haven’t seen in nearly two years. The market did reach our confirmation point, exceeded it by only 7 pips, and has been pausing there for a few days.
This may be the last time that the euro has a chance to recover for a very, very long time.
We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.