US$

Whilst EURUSD is deciding what to do, a quick look at US$. The green dashed lines are the 85.4% Speedlines of the first 'A' waves in the previous two legs. The daily momentum study is offering the first opportunity to test this rise and price has bounced under the 50% grid line of last year's high to low. If it holds, the slightly larger diagonal might be a goer, and potentially a leading diagonal at that. A re-break of the 45 degree angle line marked with a red arrow, will see a 2nd attack at the Speedline that sat at the bounce up last week and should easily see a test of last year's low at the bottom of the square. If the square breaks down, I do like the possibility fo seeing the US$ revisit that Speedline falling down the page, to test the 2011 low!! Of course, price might just keep going up instead, but worth a chew.