As uncertainty still lingers with usd deficit constantly growing with the FED QE, usd will continue to be under pressure.
However as it become clear that usa hit 7% employment and economy growing, FED finally feel confident enough to stop the QE. The hawkish outlook then translated into a few years of usd growth
imho, the internal is of 3 waves, as with the guideline, 3 waves mean it is an ending diagonal
and clear 5 internal waves is leading diagonal
so for now, i am taking a view this is an ED with bullish bias
only a break of 84.7 will confirm this view but a break above the wedge will be encouraging
will like to see a clear 5 mini wave to the upside to kick start and...
Since the 1 Aug post which got the top spot on, price had drop below 1.32 before another test of 1.33
Am expecting 1.325 to be the bull bear line, if price managed to hold the top and 1.325 give way
then bears should be in control
the community is all looking for new low to complete the wave e of B
However there is a possibility that it is already completed earlier with a truncated wave highlighted in the chart
what we are having now is a running/expanded flat correction wave 2 of C
but as truncated waves are rare, this count should be discounted
could be a classic abcde corrective wave B, if so we can expect higher dollar
where the B end depend where the wave c 5 wave end
in common expanded flat abc, the c most of the time will end beyond start of a
in rare cases, wave c fall short in what we call running flat, reason for such occurrence is due to market going too one sided. Good luck and happy piping....