EUR/USD continues its correction. It has broken down below its 45° trend-line and formed a pole which has strengthened the bearish outlook given poles are reversal patterns. More broadly we see a possible fulcrum has developed which would seem to indicate the probability of a deeper correction unfolding. It has broken down below the 1.3745 lows, marking a possible break below the neckline and this could signal a move down to 1.3700 although a move below 1.3730 would provide necessary confirmation. There is no clear vertical count since the column of O's down from the highs is so small, however the next down-column along gives a downside target of 1.3680. The horizontal count is a seemingly far-fetched 1.3350. Overall the trend is still bullish, however, and once the correction finishes is expected to resume at at least re-touch the 1.3830 highs. Today is FOMC with much volatility expected in dollar pairs.
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