EURUSD reversed sharply to the downside in the last few days, clearly in five waves from above 1.3800 with a daily and weekly close price beneath the channel line connected from July’s lows.
This break indicates a change in trend, and possibly a completion of a larger three wave rally in wave E. But as always we are focused on minimum expectations for the next few days and weeks, and that is a three wave decline from the top which is also expected on the alternate count which shows an incomplete wave E from 2012 low.
Sentiment table:
EURUSD 4h chart:
