[B]Commentary[/B]: With price action remaining choppy on a short term basis, we are showing the daily chart today for perspective. The daily chart shows a clear 5 wave rally from the December 2004 low to the November 2005 high.
Everything since has been a correction. However, the correction is not complete. A complex correction has unfolded from the November 2005 high (W-X-Y). Wave X is a triangle, which means that we should expect a terminal thrust lower to complete the correction. The thrust to 1.1815 is most likely just the first leg of wave Y lower. As such, we are looking for price to come under 1.1815 before any meaningful bottom is in place.
[B]Strategy[/B]: Flat (best idea here is to sell breaks lower?.first bearish pivot at 1.1960)
[B]Written by Jamie Saettele, Technical Currency Strategist[/B]