Euro Daily Chart Bull Market Review

Since the very late 2016 bottom the Euro has exploded, and for now I’m using a “D” wave bottom.  What we do have seems to be a good looking impulse, so I will go with that for now.   We could hear about reports that the Euro is done for, but this impulse is not finished as we would still need wave 3-4-5 in Minor degree  to develop.

The Euro is still a bit away from the long term bear market trend line, so that still gives the Euro some bullish room to move.  When the 5th wave starts to finish, then we have to wake up and figure out if it was all just a fake bull run, and that any anticipated “E” wave would never happen.

The commercial traders are all net short the Euro but not by any extreme just yet. If their short positions increase consistently then this would start to send a warning for a strong reversal.

Down at the 1.07 price level, we have a big gap waiting around to get filled. You’ll  have to wait much longer as I don’t think the Euro is going anywhere near that gap until all 5 waves in Minor degree have played out.

This should be just a correction, but it may still need to last longer and travel deeper before another leg up commences.