It seems that the USDX is going south to the green CL just visible and that my long awaited RL has only seen price action retouch the RL before hurrying on in the direction it came from. Looking at the really obvious blue fork in the Euro$ chart i guess we can now expect to see 1.4200 as a likely area for a CL touch and who knows from there? What does all this says about the USD? God only knows as the greenback now looks alarmingly weak. Maybe the thin fork in the Euro$ chart is the final touch before a RT?
I wrote the above paragraph draft during the morning Euro session and have just returned from a meeting (3.30pm) and now see euro$ easing back from the attempt to breach 1.4000
(again) this morning. I personally am inclined to think that the Euro will go higher however i still think that we may see some surprises and dramas. One thing is however certain for me, and that is i will remain flat and out of all positions right now.
3.48pm CET: Here's the USDX, below the RL and with a simple fork applied. The .618 Fib ext takes us bang to the CL but this maybe a lot to ask of the USD, however the Euro has looked jittery since the US opening so stranger things may have happened than price now reaching .7800 area
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