It does not look good for Dollar Bulls before FOMC.

High volume churn down followed by high volume churn up. They are back to back usually.

The F on top was an engagement of the upside.

A Wave 3 up was gonna come from the middle line (just below the E-9) or a deeper dip to the lower guard rail which is about 40 pips lower.

They bought last week’s pivot so far. I have 1.0374 and 1.0353 on the downside as optional buys if it would come to that. I am not saying that you would see a lower low, that is not the base case.

At the moment the bulls hold the volatility edge after a brief convergence.

The down move ended at the Fluctuation Maximum limit (another No Break Extension).

…and now a pro volume print. If that’s a profit take, well, this whole thing has gone rather neutral.