€$ & USDX

EurUsd has been consistently under pressure since yesterday and we now find the market at the 1.3130 area ( as i write 4.30- 5.30 PM Euro time- GMT +1) and at the days lows and over sold. Under such circumstances i like to stand back from the market and view recent activity from a higher time frame like 60, 240 & daily. This then gives me ability to see the bigger picutre and what object ( viz-a-viz centre lines) price has in its sights. So with that in mind here are two MT charts with recent activity as price descends through the grid (and showing the reaction line that while i am writing this is post seems to be offering some degree of support). But below are E-signal USDX and EurUsd charts in a much larger TF and with simple fork work.

In the largest 240 min chart we see the green down sloping fork from the v important pivots at and around the 2010 high of 1.4280 and the failure yesterday to penetrate the UMLP from that fork.
Then we see in the second chart the mauve fork and yesterdays double tops formations ( also seen in the EurGbp yesterday) and failure to reach the centre line and the violent reversal we have seen since.
Lastly we can see the big black fork and the light touch that we have made in the last hour or so on its CL. It maybe we will penetrate further or we may see a bounce. Sentiment is bearish with the usual story about the sovereign debt crisis/ euro-zone debt nightmare but i am unsure about further falls today yet (as you may know i am overall bullish for the USD in 2011 and believe this current move a reversal and not a correction) as we have come a long way in a short time so I am now flat and have no inclination to take a position until the market makes itself more clear to me.
What you can also see i hope is that most of the major pivots and many of the minor can be shown to relate to one fork or another and you can build up quite a complicated (and visually confusing) picture of price if you start in the monthly and weekly and work downwards.
note: the thin light blue line is the trigger line for the mauve ( failed) fork.






Below is the USDX and 2 different views. To get your head round these charts see the higher time frames of them here. Price is heading back up to test the 81.50 black CL where it has failed several times seems to relentlessly retest and retry.. I think it may take a breather/retracement here around the 80.60-80.80 level where we have a red and black ML.
With solid support at 79.00 it is ( in my opinion) only a matter of time before we go higher.