Like any longer-term trend, this one will have counter-trend moves occasionally. So how you react to it and work with it will be a matter of your investing and trading timeframe and style. The portion I quoted below relates to the euro, since that's much in view nowadays. The bigger point is that there are big-picture trends at work, and they will influence the direction for the months and years ahead.
You'll want to read Tony's entire article explaining the longer-term cycles in these currencies. So below is a a link to that, along with a small excerpt from this special Objective Elliott Wave report to whet your appetite (thanks Tony!). You can always find his daily, weekend and special topical updates via his tweets as @OEWtony on Twitter, linking to his OEW website http://caldaro.wordpress.com/, or right here in the OEW feed at lower right side of the page):
January 9, 2012
by Tony Caldaro