This EUR/USD move has been nothing short of amazing. Pick any reasonable technical level as a downside target and EUR/USD will push two technical levels below it just for good measure. And to the upside we have tried for two consecutive nights to get short EUR/USD and have missed the entry twice. It's kind of beginning to feel like we're chasing Jello around the plate with a spoon; you can never seem to get it.

So in light of EUR/USD's extreme downside move, I expanded the count out to account for this extended move. I have us in a 4th wave triangle that should complete the final leg while price is below 1.2900 tonight, but not above 1.2900. For tonight, I am going to load up to get short 1 unit into 1.2895 with a 1.2925 stop.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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