Euro Intraday Bearish Phase Update

Since the January bottom the Euro has made a great 5 wave run.  This morning the Euro broke that 1.22 price level, which could have been a base for another small run of 5 waves.  The Euro is in the US dollar basket, which runs inversely to the US dollar. The US dollar basket is destined to be changed as some currencies will be removed but other main trading partner currencies will be added.  The changes in the US dollar basket are just opinions right now, but it will be interesting to see if my big US dollar wave count will be threatened.

Besides the potential for a wave 1 peak in Minor degree, we could be at an “A” wave in Minor degree just as easily. It could mean a 60-80% wave 2 correction can happen, and it won’t stop at the obvious previous 4th wave in Minute degree. Commercials are net short the Euro, and until that changes dramatically, the chance of a super Euro bull run may just be a pipe dream.

Still, we need to keep our options open, as no wave count is etched in stone. Only the idealized charts are etched in stone.  😀

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