Euro is moving well inside the red channel as shown in the chart.
Two possible scenarios as per Elliot wave count:
Primary count expects Euro to move higher towards 1.1850-1.2000.As per the primary count Euro has completed a 5 wave move from 1.2550 levels at 1.1300 so the new up move should be either a wave 2/B which ideally should take Euro towards 1.2000.
Alternate count expects Euro continue to move within the channel after which it could start the down move from around 1.1600-1.1650 towards 1.1300 .The alternate count expects Euro to be in a complicated wave C/5 which needs one more low below 1.1300 to complete the move from 1.2550.
As per both scenarios Euro has either bottomed out or could make one more marginal low around 1.1300 before moving higher.
Please consult your financial advisers before taking any decisions.
Good Luck Traders!!!
Two possible scenarios as per Elliot wave count:
Primary count expects Euro to move higher towards 1.1850-1.2000.As per the primary count Euro has completed a 5 wave move from 1.2550 levels at 1.1300 so the new up move should be either a wave 2/B which ideally should take Euro towards 1.2000.
Alternate count expects Euro continue to move within the channel after which it could start the down move from around 1.1600-1.1650 towards 1.1300 .The alternate count expects Euro to be in a complicated wave C/5 which needs one more low below 1.1300 to complete the move from 1.2550.
As per both scenarios Euro has either bottomed out or could make one more marginal low around 1.1300 before moving higher.
Please consult your financial advisers before taking any decisions.
Good Luck Traders!!!