The analysis below will be incorporated into future reviews for subscribers.
A falling trend has supported a largely unbroken down impulse since May 2014 (chart 1). The bears, highlighted by the red circle, control the trend as long as the trend oscillators remain negative.
The flow of leverage (red arrow) has defined a bear phase since November (chart 2). This phase supports the expectation of falling prices.
The Euro's leverage oscillators, largely holding above zero since November 2014, advise caution for the bulls until reversed by a bearish crossover and down impulse (chart 3). Let the chasers chase strength until the message of the market supports it.
The 5-year seasonal cycle defines weakness nearly every month of the year (chart 4). The lack of a well-defined strength reflects the consistency of the decline since 2010. April shows some seasonal strength.
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