Every trader on the planet is watching this chart right now of the Euro and looking for a reason for it to be down. Truth is the only reason it’s down is because it’s down.
In other words, traders intentionally pushed the currency’s price down below the late September/early October lows in order to precipitate more selling (trigger stops). This is a game institutional traders love to play.
It looks to me, however, like a decent setup for a whipsaw. I’m not trading it; just calling it as I see it.