Euro / U.S. DollarShort
EUR USD Downswing to become a Downtrend for a few months
In March I predicted an imminent long term rise of the Euro against the US Dollar. June/July saw a strong upswing along this trend, which reached a peak in August. Then I predicted that there would be a downtrend for a few months. A downswing has taken the security back from its peak, while maintaining a strong support line. The challenge now is whether the support line will be breached, to bring the security into Channel C in the diagram, which I predicted in August, or continue in a modified rising trend along channel B. My prediction remains Channel C as a correction is indicated after the recent peak.
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