Reversal in the dollar today?

Reversal in the dollar today?

Overnight, the EUR/USD made an overshoot of my upper expanding triangle line.  I showed this chart a few days ago and this is it updated.

When I see an overshoot following a strong one-directional move such as the euro has enjoyed, I tend to get excited.  Usually, the overshoot tells me the move is very likely exhausted and the next immediate move is counter-trend ( down).  Then, I look for a point to trade short.

The GBP is weaker than the euro this morning and has broken an important trendline:

I have a superb upper tramline with some terrific PPPs – and the lower tramline is not too shabby, either, with many touch points.

The market has this morning made a significant break lower. I remain short.

The T-Bonds are also making a break lower this morning, and I am staying with my forecast of a few days ago – T-Bonds will be headed lower soon.  I am looking for a short trade.

The Dow is in limbo this morning, but I still believe we shall see a rally up ahead – today sees the release of the US Jobless Claims, and tomorrow the Unemployment Report for September – the critical number for the Fed to make its pronouncements re QE.

I shall be looking for a long trade in the Dow – the Nasdaq remains in its uptrend.

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