Moving to a monthly charts shows the next major support zone for Euro is 1.2235 to 1.2110 which is comprised of 2 uptrends that capture the higher lows since 2005. The Elliott pattern that we have used as a template is that Euro is in a wave-C decline following a large wave-B triangle. Even a modest extension of wave-A would see the Euro fall to 1.17…but not in a straight line.
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