So from Sunday night we had the idea that euro was in a park formation high and we were anticipating the level two drop.
That has now happened and we are looking for the following.
If news comes out on US consumer index then we would anticipate volatility to come and show that goods news is bad news for fed. Bad news is good news.
So looking at euro we are expecting a retrace continuation to the downside.
Now be mindful…this is the last day before FOMC. Take short term plays and don’t get caught up in plays into FOMC.
Euro is coming away from a peak formation and has completed a level one drop. And made level two drop. So we anticipate a retrace continuation lower.
Let’s see how this one plays out.