USD Countertrend Decline Should Last a Few Days

Written by ForexCult Team
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A countertrend USD decline should be underway reaching EURUSD 1.5083, GBPUSD 1.5250, and USDJPY 107.90. The EURUSD reached 1.4815 this morning. The drop from 1.5701 is in five waves and is most likely wave three within a five wave drop from 1.6039. A corrective forth wave advance is expected to unfold over the next several days. forth wave usually reach at least the forth wave of one less degree (1.5083 in this case). The 38.2% of three is also a common terminal pointer for forth waves (1.5155 in this case).