1. the pair hasn't yet busted the upside of the
2. I'm watching the level and wondering if that marks a wave (e). It does sit at the previous wave (iv) level at 1.139 ...
3. which makes with the recent minor wave counts all the right noises for a continuation pattern.
4. Having said that I feel there is quite a strong case for counting what I've labelled (b), as a failed (v),since collectively that showed as a low, e.g on EURJPY , making what I've marked as (c) a first impulsive 5 wave structure upward. There is some similarity between "wave (a)" and wave (ii) up at 1.35 - 1.37, esp . in terms of time/no.of days.That is my caution about a further short outlook.
5. There is a possibility it's about to form a small uptilted .
My current strategy over the last 24 hrs has been to short scalp where appropriate. This pair and also EURGBP .
"Fundamentals" or exterior influences: between the Euro bond markets, where they are essentially playing catch up to the US counterpart, Greece, cruddy US data vs. not too bad Euro data, a potential, at least nominal US FED rate hike, to save credibility perhaps, the perceptual relationship of this prospect to US labour data and the fact the whole financial complex seems on the verge of imploding (at least bond moves often preceed stock market crashes) I think strange pressures may be an adequate summary.
Apart from that nothing woud make me happier to see the pair plop down to at least 1.0257, where it would reach a 1:1 length with the much larger presumed wave A (see monthly charts).
Happy trading, may the pips be with you!