After Trichet’s hawkish signal for a July hike, the market sold the fact and the EUR/USD is now down about 250 pips from 1.47 to 1.4450. - The correction has retraced 61.8% of the rally from 1.43 to 1.47. - Also notice the 5-wave decline that looks like an impulse wave. If we get a rally from this 1.4450 area, we should expect another bearish attempt to follow. - The 4H chart shows the market at this 1.4450 support, which is also a pivot established at the end of May. - We might get a bounce here, but if there is a bearish continuation below 1.4450, the next critical support is a pivot at 1.4340, which is near 50% ... (full story)