Although I don't usually deal with currencies on this blog, two other potentially significant events happened today. Both the DX (US Dollar index) and the EUR broke out of daily channels, the DX to the downside and the EUR up. These also are bad news for the bear case.
Incidentally, the Trendline/Oscillator System works in just about any market, including currencies. The only reason I don't trade those markets is time limitations.
Putting the picture together, right now it looks like the ES lows of last Tuesday could be it for a while, notwithstanding normal corrective activity. Hard to swallow given the macro economic backdrop, but it is what it is (which is a 2 ton elephant that does what it pleases).
Still holding long from ES 1032, moved the Stop and Reverse to 1060.
