The Euro is in the middle of a down cycle.
I’m going to look for it to retrace back up to the 1.3740-1.3755 level to reverse provided that the VSA and technicals are saying down I am going to look for the down move to begin around 7 to 9 pm (GMT+7 Bangkok Time)
Sorry I made a mistake on this analysis. We are not Mid Cycle- It actually looks like the Cycle down is almost complete. Today is a new moon, which increases the probability that this may be a turning point.
In additional the seasonal tendency for the Euro is Bullish so my recommendation on the Euro would be to stand aside. If the VSA is right and the price action is right I’ll be looking for the reversal at around 9 Pm (GMT+7) tomorrow night.
Forecast for May 16th 8:30 am GMT+7
The EUR/USD pair looks to be in the middle of a down cycle. The seasonals are looking a bit confused with one indicator telling me the trend is long and the other telling me to go short.
However both technical and cycle analysis say down and the time analysis is also saying down, so that would be my recommendation.
It’s hard to give a time when the pair will break as I don’t have any signals, but I would look around the open of London if the Price action and VSA are right, or the open of New York.
The retrace has been pretty substantial at the moment 8:30 am (GMT +7) price is at 1.3712, and I would look for the short at around 1.3720-1.3730 where we have good over head resistance.