EURUSD 5.40pm

Not a lot to add to the weekend report but thought I'd throw in the Gann calcs off 1.2041 (11 degrees). We are obviously fighting the slowing momentum of the downward diagonal with the overhead cover of the Gann line 1.2736 which has so far been defended. However, T4 is looking very tired if the 4hr &16hr MACDs have anything to say and a return to T5 at the next Gann line up at 1.2878 (also near todays' R3) looks on sometime soon. The weekend report explains how both T4 & T5 are in bottoming formations in respect of their displaced cousins, but fighting the topping power of D6 and sliding down the underside of D7(see report) - however, see where its cousin T6 sits in the first chart! Some gap now opened up and some return would be healthy me thinks and T5 is a good start, mathematically. Look also where T7 & D7 would be if T5 got tagged - yep under the price action and just in case anyone forgot, T7 is rising!!! Not concerned at any drop as I am not following it, just the break up when it comes.