EURUSD pretending to be weak

Hi Traders,

EURUSD (now at 1.1197) is set to drop to 1.1115-1.1096 or lower and then attempt another rally to the area 1.1459-1.1539.

TARGETS

first down

likely: 1.1115-1.1096
possibly: 1.1040-1.1028
maybe: 1.0987

then up

likely: 1.1425-1.1459
possibly: 1.15391.1565

ELLIOTT WAVES

The Euro is performing wave "e" in the monthly chart and wave 4 in the weekly & daily charts. The 4-hour chart reveals that wave 4 is not completed as we are expecting 5 waves up (in black) from the bottom of wave 2 (in blue).


monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge