At least that's what the triangles indicate...
Shown below are weekly, 4-hour, and 15-minute charts of EURUSD illustrating triangles at various degrees.
The steep decline of the EUR vs. USD (and inverse action in the DXY) since May 2014 has been the post-triangle thrust from the triangle which originated in October 2000.
The post-triangle thrust is always an impulse wave (5-waves). At this juncture, we are seeing the 4th wave of the thrust impulse, which has also developed as a triangle. Within that triangle, the final wave "e" has itself also formed as a triangle (a fairly common "e" wave phenomenon) and appears to have completed today.
The greater triangle (from 2000) implies a thrust down to below $0.84-85 from the top of wave "e" (circled). The segment of the thrust downward from today's level would be the 5th wave of the decline in the Euro and the rally in the U.S. Dollar.
Shown below are weekly, 4-hour, and 15-minute charts of EURUSD illustrating triangles at various degrees.
The steep decline of the EUR vs. USD (and inverse action in the DXY) since May 2014 has been the post-triangle thrust from the triangle which originated in October 2000.
The post-triangle thrust is always an impulse wave (5-waves). At this juncture, we are seeing the 4th wave of the thrust impulse, which has also developed as a triangle. Within that triangle, the final wave "e" has itself also formed as a triangle (a fairly common "e" wave phenomenon) and appears to have completed today.
The greater triangle (from 2000) implies a thrust down to below $0.84-85 from the top of wave "e" (circled). The segment of the thrust downward from today's level would be the 5th wave of the decline in the Euro and the rally in the U.S. Dollar.