We gave some of our EUR/GBP profits back last night on the 0.6805 stop, and just missed our EUR/USD shorts at 1.3580 by 15 points as we currently trade 100 points lower. Regardless, daily channel support is broken and we will continue looking to be short Euros, both against the dollars and Sterling.

EUR/USD formed a nice 5-wave move down in wave a that was projected to end between 1.3472 and 1.3462 . Now, we are looking for a 3-wave advance in bthat should terminate into the pullback of the daily trend channel that was broken just this morning. See inset chart. The pullback to the channel for a re-test can be sold into at 1.3510 and 25 with stops above 1.3545. We can expect a 5-wave move down in wave c similar to the previous wave a.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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