ORIGINAL POST: 7:45 AM
EURUSD has reached our targets (C? and d? below) two days ahead of schedule, but has also reached serious resistance just beyond the .886 of the decline since the 5th and is bumping up against the long-term channel.
We’ve reached the top of the former red channel and the white channel midline. If we break through here, look for at least a back test of either/both.
UPDATE: 10:05 AM
EURUSD just tagged the original apex of the rising wedge from last week — still hasn’t broken through the last high and is beginning to look quite extended.
DX hasn’t quite reached its .886/1.618 channel back-test at 79.309. However, it did also reach its apex from last week. It’s not only not moving inversely to equities at the moment, it’s actually strengthening.
UPDATE: 11:05 AM
This is likely the final thrust. Two .618’s just ahead: the .618 of 1470-1425 drop @ 1453.61 and the .618 of the 1474 to 1425 drop is 1455.80. The .382 of the 1430-1470 is right in there, too, at 1455.46. The higher target level of 1455ish is therefore the more likely.
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