EURUSD reversed sharply to the downside in February, with price falling through the rising trendline support after strong US jobs numbers were reported for January. We saw a perfect reaction down from 1.08 resistance after US CPI came out worse than expected. Pair hit a new low but notice that decline is not progressing at this stage, ahead of holidays in the US. As such, we can see some slow down and choppy price action before downtrend resumes, so ideally that’s still wave (B) now in progress. 1.08 remains an important resistance for a turn down into (C) wave.
