It's possible we are still in an expanded flat correction
with one more leg down to go to parity or even lower. It's common for the c wave of expanded flats to be strong and impulsive in appearance, which fools some into thinking the trend has changed. This may be the case again as everyone seems to be bullish
on this pair, which is a recipe for a fall. An expanded flat provides alternation to the zigzag
correction previously in blue 2. Overlapping of blue 4 with blue 2 is fine if this is a 5 wave corrective
structure over a larger time frame.
Reasons for thinking a bull trend hasn't started is the small wave 1 and 2 from the January 2017 low. Regardless, we should see a pull back in the coming weeks if we hit the 61.8% retracement
level or just above.
Due to the current bullishness of this pair, it may take an unexpected event to bring about a fall, which could be very fast.