The currency pairs on which we focus reached our long-time targets on Tuesday. While good for the ego, it’s always a mixed bag for yours truly. It means a broad reassessment of the path forward at a time when the signposts are not terribly clear.
First, a recap. EURUSD indeed reversed after reaching our 1.1273 target last July [see: July 18 Update] and obliged us by dropping to test our downside target at 1.0658. From that post:
And, the price action since:
Note that EURUSD has dropped through that original 200-day moving average and has continued lower.
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