Euro Down to 1.15??? This is a good question, because the euro is moving inside an horizontal fluctuation bar, that can be appreciate in the weekly chart. The movement in 3 waves up and down, dont permit to the pair moves fluidity. An expanded flat correction is near to the end, and if it is correct, a new move down in five waves will take place.
Interesting, and I'm also bearish here. Not sure to what price though. I've never actually applied Elliot Wave, although I'm somewhat familiar with it. How does it work in forex? Good luck.
The reason you don't hear many EW success stories, is its practitioners usually retire wealthy very young. No time to post.
I think it should rebound between the two lines <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1000593>
Last week Euro broke directly above 1.1980. This week: bullish above 1.1995/1.1950 to 1.2145. The clear break of 1.2145 will confirm a continuation of the recovery to min 1.2235/50 and even 1.2320/60. Else, 1.1950 broken, drift back to 1.1825/1.1770 and even max 1.1660/40 (trend support). Peace and profit
Always a possibility.............. .......................but on reversal follow the green dotted line. GTA - arco
Monday price action and today's break of 1.1950/30 is negative for the EUR. Now as long as the EUR remains below the 1.1975/1.2000 area the most likely scenario is to drop to min 1.1825/1.1770 and maybe even towards the Long Term support at 1.1640
The first wave down within a ((C)) leg is complete, being recovery at this moment by (ii) with a target between 0.5 and 0.382 fib zone. http://www.playforex.com.ar/psfree.htm