EUR/USD

Euro/USD update, keep in mind where the Euro is, the record number of shorts and the area it needs to pass to cause a massive short squeeze.

 EUR/USD since the 9:30 US open

 Daily chart of the pair and major resistance, a move above this will likely cause a massive Euro short squeeze (market supportive/bullish). Although remember that technical traders are looking for a failed test of resistance here, the market may initially give them what they are looking for as it will bring more shorts in to the Euro on what is perceived as a failed test of resistance, thereby adding more fuel to a potential short squeeze move should the Euro cross above resistance. Based on the 30 min. charts, I think that a short squeeze is the highest probability, although in the very near term it's hard to say what games may be played. The Euro just making it to this area is quite an achievement.

 5 min chart of the FX pair with the long term resistance line, crossed once on what "appears" to be a failed move, but as always, price is deceptive.

 This update will give you side by side comparisons of each timeframe, the Euro first, then the USD, then the next timeframe, the Euro then the USD. This is the 30 min Euro, there's nothing out of the ordinary to the left, distribution at the top, confirmation on the way down, what is unusual is the leading positive divergence starting around May 15th, the same date we saw unusual activity in both and I posted, "Does someone now something we don't" as it looked very unlikely the Euro would be able to gather any strength based on events. Currently there's an even stronger leading positive divergence in the Euro-the longer timeframes are the most significant.

 USD 30 min, again nothing unusual to the left, accumulation at the base, confirmation moving up, then a leading negative divergence around the 15th of May and a current worse leading negative position in the $USD, very similar to the Euro in confirmation.

 15 min Euro, again the top, confirmation a positive around the 15th and a positive at the recent bottom.

 USD 15 min, confirmation generally on the move up, except a leading negative in the area of the 15th of May, a stronger negative divergence at the recent top. A falling dollar is supportive of risk assets, stocks, commodities, etc.

 Euro 5 min negative at May 1 when the market also went negative and started its downtrend, on the 15th we noticed unusual activity as there was a large relative positive divergence in the Euro. (chart is backed up to that area)

 $USD during the exact same timeframe/period, saw unusual negative activity around the 15th after having been in confirmation of the uptrend.

 Current Euro 5 min has a relative negative divergence as it is at the resistance area.

 The $USD has a slightly positive relative divergence at the same area, it's not as strong of a positive as the Euro is a negative, again we can't rule out market manipulation in giving traders what they expect to see at such important resistance.

The short term intraday charts get more complicated in this area, remember the US and EU are dealing with different issues currently (QE, bank bailouts, etc). As always, don't get lost in the lines.

 Euro 1 min pretty much in confirmation of the trend last couple of days, a positive divergence at the intraday lows today and 3C moves to a slightly new leading positive high, current action in the last hour or so is in line (confirmation).

 $USD shows a positive divergence that is fairly strong at the open-perhaps QE/Bernie related. The second positive divergence recently is not as strong as the opening one, it should be higher than it is.

 Euro 2 min w/ confirmation at the open, the positive divergence mentioned above intraday at the lows and a slightly leading positive on the afternoon rebound off the lows, current action of the last hour or o is in line (confirmation).

 2 min $USD is nearly in perfect confirmation of the price trend, there's a slightly more bullish reading around noon time, but not a strong divergence.

 Euro 3 min showing confirmation, a negative at the open, a positive at the intraday lows and although 3C has moved up with price, it has failed to confirm as it should be higher than the point at which the red arrow begins to the left.

USD 3 min is nearly the mirror opposite being positive at the open here, but the area in yellow should be higher than it is, similar to the Euro at the same spot .

I think the shorter term charts are a bit confusing as the Euro and USD are dealing with much different scenarios today. I still defer to the longer 30 min chart.