We see some intraday recovery on stocks, but likely only a temporary move. We see DAX turning up with nearly 200points so it appears that wave A is here, which means that correction is underway and may stop at 13140-13228 resistance area after three waves.
German DAX, 1H
Once DAX completes a corrective rally, that’s when we may see a new strong push up on EURUSD, which is now seen in a corrective set-back. It can be wave four, or even wave two of a higher degree, but in both cases we expect market to resume the uptrend. Personally, I am hoping on a deeper and cleaner three wave drop before I may look for longs.
EURUSD, 1H
