Nov. 12th – EURUSD

Not too much to add to my last update. We have seen a move down with quite some momentum, however it follows our expectations of an ending diagonal so far, working on the last leg (5). If this interpretation is correct, we should see the bottom of wave ((Y)) in place not far from current levels.
However as I said in my last update, there are many ways to label the current moves, and the technicals are not in agreement. The cloud is still forecasting lower pricing with the lagging line not even close to span B, the cloud is still falling and showing red. Also on our trend confirmation template, the prices have now broken all Moving Averages and is trading below them. Stochastic is moving in oversold and it looks like the RSI is making a divergence, but MACD has just made another hook…
With so many mixed signals, I suggest to stay on the sideline until we have more confidence and clarity that indeed wave (5) of ((Y)) is in place before looking for long opportunities in this pair.