EURUSD still has a very bearish structure

FX:EURUSD   Euro / US-Dollar

Technically speaking the EURUSD is severely under pressure to go any higher (see negative deviation bewteen MACD and price shown). And to be quite honest for it to be in any confirmed decisive impulsive move upwards, it needs to have a daily close above the August 2015 high of 1.16947. This is the scale of the bearishness of this pair that we have taken an interest in. On the other hand in terms of fundamentals, the protectionism philosophy that we are seeing taking grip of nations around the world today is really cause for concern in so many ways and we might be seeing a return of the 1-to-1 correlation between Gold and the Euro that was well established about 12 years ago. So I guess we just have to wait and see. As soon as 1.0520 zone is taken out on the daily, we might see a total eradication in value of the euro against the US dollar to pairity. However my analyses shows that EURUSD has not yet finished tracing out the full corrective picture on the daily. I expect a 5-3-5 corrective structure to develop on the daily. We have finished the first 5 and we might be in the second 3 wave a-b-c structure where current forceful down candle might only be a wave b of the 3-wave structure upwards. If the last 5-wave move down occurs and takes us past 1.0520 then the 5-wave move can be seen as a wave 3 of a larger wave 1 impulse down and changes the whole wave count thereby pointing decisively to pairity of the euro against the dollar.
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