Eurodollar has made an incredible comeback to complete wave C of (4) after we switched the triangle pattern’s position in wave B. The pair has surged 200 pips higher since the last count and trades 0.15% intraday so far. Will it hold its posture, or start reversing?
Naturally, the dollar is experiencing a selloff across the board.
Against the Japanese yen, the greenback has plummeted after printing a corrective irregular leg and trades 0.35% down in today’s session. Can the depreciation continue lower for an expanded variation, and if yes, for how long?
The USDCHF pair is also finding it hard to hold the 0.91 round support line as USD continues to weaken since the correction top at 0.9280. If the impulse identified is indeed starting, any upside will be seen as a short-term relief rally until proven differently. Eyes on 0.9050 next!