The Big Picture on the EUR/USD

In this week’s presentation, we look at the Big Picture on the EUR/USD – anticipating a top of major significance (concurrent with a bottom on the US Dollar Index), and then confirming the trend reversal.  It was a very tricky week in terms of identifying the top in real time, and I’ll candidly admit that I was expecting price to drift just a wee bit higher than it did before a selloff commenced.  But, again, it was the Big Picture we really needed to keep in mind, and the fact that we were in the tail end of an Elliott 5^th wave at four different degrees of trend – Weekly, Daily, 4hr and 60m – told us to not be chasing this pair too much higher, and to be on guard for signs of a (quote) “sharp reversal”.