After the completion of a MAJOR TOP which had been confirmed with the violation of the BLUE SUPPORT LINE, EURUSD had been stuck in a TR (trading range) since February in this DOWN TRENDING CHANNEL, in the short term. It had found SUPPORT at the SUPPORT LINE of this channel.
Looking at the CRB ( Commodity Index) in the bottom window which has been tracking this currency pair in a positive way (positively correlated) it may be reasonable to assume some sort of a counter-cyclical rally, from the current levels ,with both instruments, may be on the cards. should the USD starts correcting/pullback against EURO this is. Whether or not it does happen, is another question.
Some of these counter- cyclical rallies if and when they emerge, can be very sharp, with meaningful retracement.
Will we see one in the months ahead ?
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Chart is courtesy of StockCharts.com