It appears as though the pair has finished a blue 'b' wave triangle and we are thrusting lower in the 'c' leg of a .
There is another alternative that resolves as a scenario as well and that is yesterday's high was the end of wave 2 of v. That would imply a sharp move lower in wave 3 of v.
There is a I'm watching as well that becomes higher probability on a move near 1.07. For the time being and all patterns considered, the patterns suggest prices may push towards 1.07.
Inspecting FXCMSentiment, it has shifted harshly from -1.5 yesterday to +1.2 now. This shift towards the positive is the pair and may provide a tailwind for it. Follow EURUSD real time SSI here.
I'm curious what the other ElliottWaver's are considering.
FXCMSSI continues to drop and is not sitting at -1.77...as we sit at resistance, keep an eye on the live feed.
The support level to watch was the former breakout level of 1.1087. If you are in a USD trade, be mindful of the potential volatility coming up later this morning.
Consider that each leg of an ending diagonal must be 3 wave zig zags. Therefore, it is possible the Aug 24-Dec3 move was A-B-C for wave 1 of the diagonal. Now, we are potentially in wave 2 which also needs to be a zig zag.
Under this diagonal wave count, prices must remain below the Aug 24 high. Dec 3 through today must be an A-B-C zig zag and there is a zig zag equal wave measurement near 1.1250. That is to saw C equals A (in wave 2) near 1.1250.
This is still a viable pattern so check out the behavior as we get into 1.12-1.14.