EURUSD Channel/ Low Volatility / 1.10 and below
Euro Fx/U.S. Dollar FX:EURUSD
The EURUSD has been in a downward trending channel since 2008. Waves A-D have completed , and the 5th wave E is in progress.
Wave E has been in a minor consolidation for the past 12 months, cycling between the .618 fib and resistance of the 200 MAV , and volatility is approaching the multiyear lows last seen in 1997.
Something has to give ….
It would seem the EURO will continue the downward multiyear momentum , and the next stop would be at support of 1.04.
Against the US dollar , i am bearish on the EURO …. and am patiently waiting a clear break on 1.10 …..