One more note, even though the EUR/USD is not declining impulsively and is now in fact rallying to a new high, the GBP/USD is. This would make sense because most likely the GBP/USD has already formed its top and reversed. The EUR/USD has yet to do so. So the GBP/USD is declining impulsively because it's made a top, and the EUR/USD will diverge and make a new high, then it too will decline impulsively, taking the stock market down with it.
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