here’s the updated 4 hr chart of the EUR/USD which shows that although the bounce has moved higher than i expected, the bigger picture remains that the recent rising wedge pattern breakdown still measures lower and the near-term downtrend that began on the last touch of the upper trendline of the wedge on 2/9/12 is still firmly intact, from a technical perspective (a downtrend is a series of lower lows and lower highs).
i have also included a zoom-in to the 60 min chart showing what might be a new downtrend channel in it’s early stages so let’s see if we get a reaction around current levels (EUR/USD reverses and heads back down).
