Last week I said that the EUR/USD appears to be charging toward a new high above 1.4843. The main reason was that the decline previously did not look impulsive as it was choppy and slow followed by a very strong impulsive looking rally. Again, EWP shows its superiority in analysis as it basically predicted a new high was coming in the EUR/USD.
But now that a new high as been acheived, it opens the door now to a major top and reversal any day now. Even though eyes are on earnings, the US dollar (opposite the EUR/USD) is still a main driver of higher stock market prices. The EUR/USD tops, so does the stock market. First area to look for a top is the 1.50-1.51 area.
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