A good time for an update to the chart here; after the descending wedge in the 5th wave we have begun a volatility expansion process. We are first going to track the 'B' leg; ideally markets will look for a retrace back towards 1.14xx in order for smart money to load for the 'C' leg before ending the larger wave II of the entire leg from early 2018.
I will be looking to add short-exposure at 1.14xx handle; if we break the current lows it will start to imply we are already in an impulsive decline and call for a reassessment in outlooks.
Both sides are tradable, best of luck those betting against the ECB.
Nothing in the economic data and indicators, tracked by FED so far suggests that there is a need of pressing the acceleration pedal of the US economy by cutting the interest rates. As has been said many times in the past, FED track closely particular set of economic indicators when makes decisions to cut or raise rates. This time an avalanche of traders, institutions, medias, and average Joe`s are talking about cutting. Surprise, surprise - no changes will be made in policy until particular conditions are met. LONG the dollar, it is time to squeeze the shorts.