The rally from the 2240 to 2400 level is now exhibiting signs of a top. Yesterday's risk off has not seen any pull back and bears seem to be in control. FX market movements confirm the turnaround and we should now see a move to 2280 as the first target with potential sell-off of 10% down to 2125. Worse case, I see a 15% correction before regaining upside momentum; however, the additional 5% may come as a wick/candle.
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Currently retracing the last two days, now at 50%. Entries between 2340 and 2370. Stops above 2380.
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Great reversal today confirms the market should continue to weaken over the course of the next few weeks. Let me clarify: Shorter term, next 24-48 hours we should continue to see weakness and may see 2300 following Friday's report. I see reasons that both a better and a worse figure could move the market in either direction so we're going to pay close attention to price action. Recommend stops to be just above today's top.