The EUR is falling while the USD is trading higher after the recent turn down on gold and bullish swings on stocks. We expect more downside on EURUSD this week as we see more gains coming on the DAX which is also supportive for bunds.

Notice that the German bund market is showing a nice bullish pattern after five waves up followed a recent three wave decline into the 50-61.8% retracement area from where we expect a bounce in an impulsive fashion, ideally back to 152.50 and even higher. This would likely mean more weakness for EURUSD based on latest correlations.

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