The US Dollar Index has completed three obvious waves (2 impulses and 1 corrective) since bottoming in July and is currently consolidating within the fourth (corrective) wave. Both the Dollar Index and EUR/USD are near completion of wave D within an unfolding triangle pattern. In Elliot wave analysis, triangles are usually evident in the fourth wave of a motive structure and usually are completed when wave E terminates. If this holds true, the dollar should break-out to the upside towards 91.00 (triangle projection) and complete the fifth and final wave. Only a loss of 20-day MA support shifts momentum to the downside.
Strategy Summary: LOOK TO RE-SELL EUR/USD
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