Forex Daily Podcast

The stronger USD showed itself on Friday and provided some nice trades down on the EUR, GBP, and up on the CHF both Friday morning and overnight. The question now is how far the EUR will run down before another correction. we'd like to see more movement to the downside, but we may not get it. We would like to see the EUR/USD run down to at least 1.1910 so wave 3 = wave 1 because wave 3 which we are currently in cannot be the shortest wave. Our target range is 1.1950-1.1800 before the EUR/USD will correct upwards and then runs down in a final wave 5. The eventual run up will not be higher than 1.2084, so we'll use just above this level as a stop and to determine our risk:reward ratio for the next trade down. The run down should be at least 200 pips. The EUR currently trades at 1.1976 The GBP has been a bit slow to the party, but we were able to catch 170 pips down on Friday and it's moved down over another 100 pips overnight. We should see at least a bit of correction near here. We're split on whethe