Here's just my thoughts about the exchange rate for the currency pair. It seems to me that the low around 1.057 was a failed fifth wave after a long sideways trend. From the 1.057 mark, I think we're headed up over a long, multi-year trend. The question is, "What is about to happen from 1.117?" I think there are two options. Option one is that 1.057-1.099 was the first leg and we're in the third leg now, which would mean moving upwards towards 1.15. The other possibility, and what I fear is the probable scenario is the move from 1.057 to 1.124 is wave one and we're now in a correction for wave two that will bring us back down to around 1.08. That would also fit nicely into the gap of the close of 4/21 and the open on 4/24. We'll see, but I think that's where we're headed next. After that, it would be off towards 1.18 or higher. Only time will tell.
Layman's Look is my own ideas about what is going on in different situations. Sometimes a guy just wants a place to put his thoughts out there. That's what this is for me.