Currently: Short Looking to: Cover now & re-short @ 1.1043
As of 3/20/20 close: 1.0695
LAST WEEK: We suggested selling any rally to 1.1280 with stops honored on a close above that level and with a downside target of 1.0828.
UPDATE: The EURUSD has tumbled sharply over the last week and appears to us to have completed five waves lower in the very short-term. From there, we anticipate a counter-trend bounce up to either 1.0829, 1.0948 or 1.1043. We would look to short a bounce up to 1.1043 should it occur. Stops should be honored on a close above 1.11 and the downside target for covering and getting long will be 1.025.