This is just a quick update of the Euro from a bullish perspective. Last week saw the Euro hit a new record low in its bear market, now lasting close to 8 years. Commercials are net long with the Euro and are net short the US dollar at the same time. This all smells like a Euro bear trap which looks like it is finishing a short diagonal 5th wave down in Minor degree. Crashing below the two year bottoms, help to make it a 5th wave.
On the Intraday scale it looks like it is starting up again, which would make the bottom a few days old at this time. Since there is one big zigzag pointing down, which has not been retraced, then at least the Euro should clear all peaks that happened in the last two years.
In short the Euro short players are going to get brutalized, because they will be forced to completely change directions. All the buy stops, which are above present prices, will get triggered forcing all the bears to instantly become Euro bulls. There is a slim to no chance, for gold to diverge from the Euro, as they have trended together for many years.
Needless to say I'm looking at the Euro from a bullish perspective, but how far the Euro can swing North is still debatable. Major trends just don't quit on a whim, as trends can last for years at a time.
Eventually all trends do come to an end, and hopefully this may have just happened last week.
A "D" wave may work for the Euro bottom, which means we may get a good Intermediate degree 3 wave bull market, in the next few years.