The Euro (now at 1.3800) hit the resistance at 1.3824 as well as the upper line of the triangle - see weekly chart below. Although there's still some potential for a "throw over" till 1.3856, the currency should reverse soon to 1.35 and lower.
TARGETS
likely: 1.3489-1.3458
possibly: 1.3264-1.3249
maybe: 1.2993-1.2967
ELLIOTT WAVES
After a gigantic a-b-c-d the EURUSD performed 5 waves down (wave 1 in the weekly chart) and a retracement up with a two-step pattern (wave 2 in the weekly chart).
The daily chart and the 4-hour chart below show waves 1 & 2 (in red). The top of the latter should be the prelude to the new downtrend.
Theoretically, this should be a 5 waves pattern leading well below the area at 1.2396-1.2329 if the Euro breaks through the major support at 1.2993-1.2967.
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
