The EURUSD, now a 1.3550, did exactly as predicted and seems to be heading to 1.30.
TARGETS
likely: 1.3470-1.3451
possibly: 1.3318-1.3290
maybe: 1.3175-1.3159
ELLIOTT WAVES
After a gigantic a-b-c-d the EURUSD performed 5 waves down (wave 1 in Magenta in the weekly chart) and a retracement up with two-step pattern (wave 2 in Magenta in the weekly chart).
Theoretically, this should be followed by 5 waves down well below 1.2970-80, if the Euro breaks this important support.
NOTE
The Euro might attempt to rally to 1.3597 before resuming the downtrend.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
Daily chart, click to enlarge
Wave oscillator applied to the daily chart, click to enlarge
4-hour chart, click to enlarge
wave oscillator applied to the 4-hour chart, click to enlarge
1-hour chart, click to enlarge
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