HSBC: Currencies: Technical Analysis: A big rejection.

The strong rejection from 1346 S&P 500 is bearish. As this SCR noted on Tuesday, that level is a key pivot and so such a powerful rejection is a good sign that the longer term top in stocks is in. Five micro waves down in EUR-USD provides the kick off to the next leg down to below 1.40 in the short term.

 

HSBC Global Research