You're right, it's not inevitable...but the upward movement we're seeing right now is what I was after. I'm watching and am still short...scaled in a couple more as we got below 1.26. This is all good though. I'm actually somewhat comforted by the two steps forward, one back, two steps forward, one back, etc...reminds me of a more normal market that we were seeing a few months back.
Yep...there looks to be some pushing back at the 38% fib of the latest drop. I'm trying to remain patient for an hourly reversal candle to confirm and go short again...
Trading activity is choppy today. On a side note, the equity markets are down -3% and euro/usd hasn't moved. This might be an indicator we have short term bottom in place.