Here we can see how the violation of the Current Trend has been confirmed. The blue channel reflects the new bearish Current Trend and the indicators also confirms the bearish momentum inherent in the market.
We can expect a further decline to 1.4300 after we might see a retrace.
The current turmoil - US recession, slump in housing, carry trade unwinding - amplifies the risk, therefore we will stand aside as the EUR is still situated within its bullish Major Trend. Technically speaking we are not situated within a suitable trading scenario. Should market movement continue to define this new bearish Current Trend and decline further, low exposure shorts might be taken - please note this is not for the faint hearted!
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Disclaimer: All statements and expressions in this analysis are opinions, and not meant as investment advice or solicitation. Forex can be volatile and opinions may change without notice
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