EURUSD: 7.40am

D1 has continued to hold price action in a consolidation phase. Impulse moves follow consolidation moves, so in simple terms, all we are waiting for is the train to leave the station. The extent of the prior moves and the positive divergence on the MACD's suggest up is next, but it is only a suggestion as the market will go where it wants to and the counts will fall in line. My 'long' tiddler from yesterday is still a tiddler and I wait for a series of higher lows that sticks to get trading. My-Wave is still formed to the downside but with T2 still below T1 (bullish) I still think we might get a stab up. As T4 has been leading this charge down of late, price will need to take out yesterday's high to convince everyone of the bullish case or at least have a go, but for now, the bearish one has stopped at that 38.2% retracement line from the 1.2041 to 1.3171 wave and T7 as covered yesterday, so the market is taking a good hard look here. Whatever the outcome, it is a significant zone for later!