Euro is at a key decision point.The current drop began at the time the s/t cycle rolled over and has now breached the previous low of 1.2530.But the drop has stopped at the upward trending mvg avg just a few points lower around 1.2490 (the low was 1.2475).If Euro cannot hold below 1.2530 today, it will return to the 1.2675/1.2720 to complete an irregular consolidation.To maintain the downward momentum Euro must fall through 1.2475 today.The next objective will be minor channel support at 1.2400.I prefer the rise back to 1.2675/1.2720.
Sterling hit its upward trending mvg avg around 1.8125 yesterday and so has an opportunity of starting a new rally.A failure to rise through 1.8315 will keep it on a downward path.
Dollar/Swiss hit its downward trending mvg avg at 1.2530 yesterday and so has an opportunity of starting a new decline.A failure to fall through 1.2435 will keep it on an upward path.
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