The EUR looks to be in a correction which started in mid November. We are looking for the EUR to eventually run up to the 1.2150 - 1.2500 level. We like to see a 3 wave move down before finishing with a move up to these levels. With the weakness of the USD right now, we may not get the move down. Be patient and wait for the trades to come to you. The EUR currently trades at 1.2061.

We'll we've gotten our larger correction on the GBP as we discussed last week.
We think it will run up to the 1.7700 to the 1.8400 level. We'll have a more precise target as this market continues to reveal itself. Like the EUR/USD are looking for a 3 wave move down so we can trade up towards these targets. The GBP currently trades at 1.7500.

The CHF should continue to move down to the 1.2750-1.2550 levels. Ideally, we'll get a corrective 3 wave move up before the move continues to these levels. The CHF currently trades at 1.2862.

The JPY moved down starting late last week as we thought. Although we didn't want to hold a trade position over the holiday weekend we hope some of you jumped in. The JPY should trade down to the 113 level and below unless we are entering a more complex correction of the move down from early December. We'd like to see a 3 wave move up near these levels so we can get a trade down using the 117 level as a stop. If we don't get a good risk:reward ratio, we'll just sit out and wait for the next trade. The JPY currently trades at 115.66

The CAD may be moving to a slightly different drummer. It should continue to fall to at least the 1.1520-1.1440 level before perhaps making a run up to the 117 level. We'll reassess as the currency approaches these levels. The CAD currently trades at 1.1562.

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