EURUSD

Price reacted to the 50% retracement zone but the pace of the response (no doubt affected by up and coming NFP) suggests this is corrective. However, the momentum cluster on the shortterm chart is continuing to bounce along the bottom in apparent sworn allegiance to the larger cycle which is trying to turn down into its due time. There is a nest of dma's to crack to get something meaningful going to the downside, but the first (the 1.75D on the short term chart)looks to have been beaten so far and that should lead to 3.5D. Reaching this would put pressure on the 14day MyWave and take out the 28D.dma on the larger chart. We will need another cycle up on the short term chart to be sure, but me thinks the turn is in. For now, I am working on this being 'c' of 'b' down but can address this when the larger momentum cycle concludes to the downside.