EURUSD Reaffirms Peak/Reversal Count, Defines New S-T Bear Risk

Posted on 11/7/2017 7:58 AM by Dave Toth

EURUSD

Overnight’s break below 27-Oct’s 1.1574 low reinforces our major peak/reversal count introduced in 20-Sep’s Technical Webcast calling 08-Sep’s 1.2092 high the END of this year’s major uptrend from 03-Jan’s 1.0341 low and start of what we believe is a major correction of this entire 1.0341 – 1.2092 uptrend.  As a direct result of this resumed weakness the 240-min chart below shows that the market has identified Fri’s 1.1691 high as the latest smaller-degree corrective high the market is now minimally required to recoup to even defer, let alone threaten our broader bearish count.  Per such 1.1691 is our new short-term risk parameter from which shorter-term traders with tighter risk profiles can objectively rebase and manage the risk of an advised bearish policy and exposure from 1.1850 OB recommended in 25-Sep’s Trading Strategies Blog.

EUR-USD 7-11

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