EURUSD last retracement of the year

Hi Traders,

Next 2-3 weeks should probably display a very thin market. However, the EURUSD (now at 1.08666), should slide slowly to the area at 1.0705-1.0690 before resuming the main uptrend.

TARGETS:

first down to the area at 1.0705-1.0690

then up to
1) 1.1101
2) 1.1387
3) 1.1680

ELLIOTT WAVES

The monthly and weekly chart show that the giant 

​ retracement wave 

​"

abc-X-abc

​"​

​ (or 3-3-5​)

 ended in March 2015

​.​

​ ​

​This implied

 

​

​

a retracement of 71%

​ and ​

​

the end of the 

​major ​

downtrend started in July 2008

​.​

As displayed in the 4-hour and 1-hour charts, the  EURUSD also completed the very first wave of the new uptrend and it's now

​​

 very close to 

​the ​

end 

​of ​

the subsequent retracement wave 2 in the area at 1.0705-1.0690.

That area should see the beginning of the new wave 3 up.

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