I am still anticipating a Final Push to complete Wave E or whatever you want to call it. But a another leg down to test the bottom of the channel. Each move inside the channel has had a some time to retrace mostly to the 61.8 Fibo level of it's last leg move as illustrated on the chart and we are sitting at similar zone of this latest move.
I had previously noted this area for re entry or adding to your short position and price has come up in that zone. If price breaks above this channel to the upside without a impulse move back into the channel....then we might have a beginning of a nice euro rally. and dollar breakdown. For now I am still short and watching this pair very closely.
-TRADEPLICITY Don't trade off other people's ideas blindly....learn, analyze and even question it but never pull the trigger solely on one person's view.