Chart of The Day: $EUR-USD

Today's chart of the day is the $EURO_USD. As many of you know, the broader analogy that I have been using to guide me is that markets are moving as one. Simply put, trading opposite the direction of the USD with regards to equities and commodities or in the same direction with the $EURO_USD pair.

At the daily chart level, the pair is working what I believe is w.iii cicle. At a minimum, w.iii should obtain equality at 1.3453 but the most common fibonacci relationship exists at 1.2902.

Here is the same chart indicating that support below the market is between 1.3653- 1.3769.

At the intraday chart level, w.iv of w.(i) has competed near the .50 retracement of w.iii and my expectation for today is for a final push down where w.v= .618 {w.(i-iii)} at 1.3794 which is in agreement with the support levels noted at the daily chart level.

I hope you found this information helpful and best of trading.