Position: Short (from 1.2796 on 10/16; risk to 1.2841)
Trend View: IT ↓ ST ↓
R: 1.2885/1.2840 S: 1.2730/1.2704
EUR/USD 360-min [last 1.2764]: Oscillators have turned down on 360-min and daily basis.
Looking at this morning’s high as minor Wave 2 completion; setting the stage for Wave 3 down with scope to test the recent swing low at 1.2499 (labeled Wave III). Key news today:
FRANKFURT, Oct 20 (Reuters) – Germany risks coming dangerously close to recession, the central bank said on Monday in a forecast that predicted little or no economic growth in the second half of the year.