EUR/USD
"The pair moved a tad higher (1.1042) than expected before turning around
and falling back lower. A close at current levels (or lower) will
create yet another 55d ma band rejection indicating that the sellers
still are in control. A sustained break below 1.0926 will sharply up a
bearish outlook calling for a swift continuation down to the recent low
area."
USD/CNH
"Today’s extremely impulsive move higher has cancelled out the idea that
the move up from the 2014 low point was a three wave upside corrective
move. Today’s break above 6.3014 makes such a wave count obsolete and
instead warns of creating either a more complex upside correction
pattern (theoretically targeting the 6.48-area) OR a having entered a
third of a third wave (allowing for considerably higher levels over the
medium term horizon)."
