In our last update on the US Dollar [see: Sep 18 Update on DX] I theorized that the euro would play an important role in balancing the yen/oil/US dollar/stocks equation — a role that would see it break down soon.
EURUSD’s rising purple channel broke down after Brexit, backtested for the next two months, and has broken down again. If the channels and harmonics have anything to say about it, it has a long way to go.
EURUSD has dropped only 3% since that call (yellow arrow, below.) But, the pattern it’s establishing says a lot about what to expect from both currencies and stocks going forward.
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