Euro’s point of attractionposted by genuinelyFX at 08/23/2015 - 14:28 GMT
Right now the price is advancing strongly in eurusd. From May last year, price has dived 25%. Currently, it seems we are in a wave C, and barring some symmetry, we could reach 1.18 soon. After a consolidation/correction near 1.14-15 area of course. A 45 TB cycle is currently developing between waves and around Sept 22 we could have something important again. A 38.2 correction of this entire move down, since May last year, is also standing around 1.18 area, coupled with a 12.5% increase from the March lows.
On a monthly line chart, we see the current support from which the price has bounced and we see a strong resistance at 1.18 area.
Remember, there is a pretty strong case against euro reaching new lows, from an Elliott perspective. Bellow are some older charts on the pair.
EURUSD daily data