Do you think fundamentals of EZ countries or England are better than US? If US is in recession, England is struggling with worse economic conditions. Just check out the recent data announcements and compare EU/GB and US fundamentals. At least FED was more proactive compared to other central banks. At the end of the day, we should always compare two countries as currencies have two legs. Evaluating US only is not the right thing to do. And by the way, don't forget to look at Dollar Index chart (attached) which shows clear and perfect breakdown of downtrend since 2006. In a broader sense, DX chart gives better indications than individual charts.
Depending on which time frame you use, you can make different evaluations. Considering EURUSD was at 0.85-0.90 5-6 years ago, yes this is a correction, but a 1400 pips move down is a little bit more than correction, IMO, especially after breaking 1.53 level. Unless EURUSD breaks above 1.6040, it will be in downtrend, because it needs to make higher highs to resume uptrend. Since it broke 1.53 level, all we see is lower lows which is the basic definition of downtrend. All retracements until 1.6040 should be evaluated as a correction of current downtrend.
Depending on which time frame you use, you can make different evaluations. Considering EURUSD was at 0.85-0.90 5-6 years ago, yes this is a correction, but a 1400 pips move down is a little bit more than correction, IMO, especially after breaking 1.53 level. Unless EURUSD breaks above 1.6040, it will be in downtrend, because it needs to make higher highs to resume uptrend. Since it broke 1.53 level, all we see is lower lows which is the basic definition of downtrend. All retracements until 1.6040 should be evaluated as a correction of current downtrend.