EUR/USD Update

Talk about a throwover. I was easily stopped out as the EUR/USD surged to 1.5901.

I will now go short @ 1.5805, stop @ 1.5865. Target is below 1.5000.

A very nice Wave5 overtook all my measured targets. However, price has now rolled over and has formed RSI and MACD divergence.

In the past 24 hours, hordes of retail traders have gone long: on Friday, 36% were long. Today, 46% are long. This is the kind of quick change that I'm looking for at a top. Also, there is a 5-wave decline from the top, and price has been retracing nicely. Four levels of resistance lie in the 1.4800-4820 zone: WaveA=WaveC; Wave-iv top; 61.8% retracement level; and R1 weekly pivot point.

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