This wave count seems pretty logical - until - you try to figure the invalidation point - unless it's some sort of Ending Diagonal. BUT, that doesn't make a whole lot of sense either. Blue wave 1 seems to be a moving target and blue wave 4 would enter the price area of wave 1 unless ---- ***See daily chart *** Basically it's a decent EW idea with low risk and I'm still bearish this pair, so, if it gets to the 137.85 area I'll risk a few pips to see if I'm wrong.