$EURUSD

This first chart shows the 20day or monthly trend by way of an MMA Wave. It has been clearly bullish, and price battered the daily bollys yesterday, whilst creating a new 20day high and pushing the 20 day regression channel (white). All very positive. However, the single purple line below price, is the weekly FLD - future line of demarcation - which provides a useful target for assessing the strength of the underlying weekly trend. I was shorting into yesterday's highs, adding to those taken lower down from 1.3876 up, due to the distance involved. That line will be at least touched, with either price or time making up the gap; that is, price will either drop to meet it, or grind side wards to burn off time.

The second chart shows the weekly trend by way of an MMA Wave and again has been bullish, but will need to turn down to reach the purple FLD below. I am also looking for a turn down to begin the drop into the 80day cyclic low, which by my calcs should at least reach 1.3743 (I'll cover this and more at the weekend). So, the overall strategy is to sell strength and look for a move down, either banking if it is short lived, or holding on if it catches fire. If price pushes hard above the 1.3965 high, I'll cover, but until the weekly FLD is reached, I am playing the short side.