We see a completion of the 5th wave to complete the 3rd wave of the larger sequence on the monthly. Price rejected perfectly off the 23.6% level (orange FIB), and is being held up by the monthly 88.6% (blue line). The retrace should go to the closing price of the last bar before the gap down (1.36556). This level is the neckline of the monthly H&S
that price broke out of. Expecting more lows thereafter to sub parity levels (which will take years to reach). Most of the retracement of this pair will be due to the DXY
( US Dollar
) falling in value. Most xxxUSD pairs should see movements to go long, but considering how much this pair has fallen, and the clean movements in terms of wave sequence, it looks like we can gain the most out of this pair.