Hi Traders,
The Euro (now at 1.1027) is set to drop a little to 1.0818-1.0800 but only to start a major rally to 1.18 and above.
TARGETS
first down to 1.0818-1.0800
then up to
likely: 1.1546- 1.1602
possibly: 1.1871-1.1945
maybe: 1.2335- 1.2390
ELLIOTT WAVES
The monthly and weekly chart displays a compound formation a-b-c-X-a-b-c-W, where W is still shaping up and will ultimately get the Euro to 1.18.
That formation (a-b-c-X-a-b-c-W) is made out of a Flat, 3 waves up (X), then a Zig-Zag which will be followed by wave W up to 1.18 and over.
That formation (a-b-c-X-a-b-c-W) is made out of a Flat, 3 waves up (X), then a Zig-Zag which will be followed by wave W up to 1.18 and over.
The 4-hour chart shows that the EURUSD must go to 1.0818-1.0800 to complete 5 waves down and eventually start the new uptrend.
monthly chart - click to enlarge
daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge
