At the risk of making a fool of myself yet again, I am going out on a limb here and suggesting that the EUR/USD is in for a significant correction. I run a simple program of my own device which I call my technical analysis matrix. This takes trends and support/resistance levels from all the major pairings and the crosses and cross-references them, sometimes spitting out a high percentage trade.
The basic thrust of the argument is that EUR/GBP is falling, cable has rallied but now hit resistance, EUR/JPY is on resistance and USD/JPY has bottomed out and is starting to rally. If all works out, then EUR/USD should fail to break above yesterdays 1.4968 high and should turn sharply lower. As Harry Crumb would say, ‘well it is only a theory’!
