The usual precarious Market Sentiment of Hope/Reservation versus Technical Consolidation.... as a good Move is brewing.
The Weekly Frame is at overbought divergence/momemtum levels...with majority Net Positions looking South...see 1.1550/00 being the South move....initially. The 10/17 1.1548 low sets good downside positioning....looking for a decline from 1.1800/10 to the 1.1660/70 basis...with a test/break of 1.1550/00 for further declines to 1.1425/50.
At this current juncture breaks of the 10/9 1.1857 High will ensue a run for the 2003 Top at 1.1933. Trigger 1.1845/57 North positions for a run to this years 1.1933 Top.....could see a final burst to the 1.20 basis...gauge stops at 1.1900 for more upside potential. At 10/23 8:30 EST Eur/Usd is at 1.1819...just 114 pips from a challenge to 1.1933... break of 1.1857 will confirm.
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