Rate Cuts Do More Harm Than Good

Overall: Rate cuts from the BoE, ECB and SNB sent stock markets into a tailspin, which heightened sentiment for the dollar and yen against the higher-yeilders. One trend noticed as of late is that the Swiss franc (in part because it yields 100 basis points more than the dollar) suffers as equity markets are sold. In U.S. economic news, productivity, which measures employee output on an hourly basis, increased 1.1% on an annualized basis in the third quarter. Labor costs increased at a 3.6% annualized rate in the quarter. "The slowdown in productivity is especially worrisome in the present economic environment," said Matthew Carniol, chief currency strategist at TheLFB-forex.com. "As productivity slows with demand, it implies that employers may cut back on workers at a faster pace in order to reduce costs."

EURUSD Technical :

Go sliding down to minimum 1.2643 - 1.2468(ranging) Max to 1.2181(this extreme point!). Wave 3 looks like going to be expanded so we can expect more than 100% expansion.For safety this could go down to 1.2323,but who knows? Maybe more. Be aware of contracted throw-over in extended-wave 3.
BUT if the wave breaks upper channel line, this formation could be another corrective pattern (zigzag) and all the counting above will be invalid.
All this technical depends on news released in the following day(s).
Use it with your DOD. Good luck and have nice pips....Thank Ya'll and I was born to be wild.