Euro Technical Outlook

Continued weakness indicates that the EURUSD remains in a 5th wave from 1.4908. The corrective nature of the decline indicates that the drop from 1.4908 is unfolding as a diagonal triangle.

Diagonals are slow and choppy and punish those that try and pick bottoms (yours truly). A slow rally back to 1.4600/75 may begin soon as wave iv before the final low is registered in wave v. The Euro has been moving in lockstep with oil, which bears watching.