EURUSD 90m 9-12-13

Here’s another interpretation of the recent price action in the Euro. A corrective wave count in the Euro up from the August 6 low is confirmed by a corrective WXY double zigzag count during the same period (but in the opposite direction) in the inversely correlated USD/CHF pair.

The fact that MACD divergence is already showing on 90 and 120 minute charts suggests that the lower portion of the target zone is most likely, where orange c will equal orange a at 1.3328, pink 2 will retrace pink 1 by the golden mean (.618) at 1.3331, and wave z green will equal the length of wave w green at 1.3338.