Nov. 8th – EURUSD

The EURO has made a new low, invalidating our count that we were working with on the intraday chart. So for today I am looking at the Daily chart. I have moved ((Y)) to the latest low formed. The pair found support around the bottom of the corrective channel for now, combined with the 200 SMA-Weekly and is trading between that MA and the 50 SMA-Daily. At this point, we have no evidence to turn bullish on this market and we have to wait for the first signs for a reversal, a 8 wave structure to the upside would be a good indication.
So for now, it is best to stay on the sideline on this market.