EURUSD

Price has made it down into the trough of the 50 period FLD, turning exactly on the 100% of top to low range bars. The momentum study at this degree appears to have already nested Price sits at Monthly S1 and is so far holding.  I am still giving the monthly pivot the opportunity to attract price at 1.3628 with this drop being a 'b' wave in the whole formation.

 The top of my price channel and the 61.8% retracement of the first drop sit at monthly pivot. The momentum study would support a rise and already nested at this degree when the larger one above did. If that one does not look like it needs to nest again, then I am assuming this low is a retracement within the above move.

 I wrote about the 1.3400 zone housing the 61.8% retracement lines for the low and 'A' to the top & here we are. Generally, everything has gone as hoped for with shorts dropped. Price is holding Monthly S1 but needs to get back over the weekly pivot and daily pivot to get this MMA wave at this degree turning back up.

On the shortest chart, price has consolidated in a diagonal formation and made a 5th low there, albeit only by 2 pips. The response uphill is of course the key, and their are a lot of reasons in my studies to suggest that one should not ignore the possibility of another  'abc' up to a new retracement high,