EURUSD Elliott Wave Analysis

FX:EURUSD   Euro / U.S. Dollar
EU likely has bottomed out in the near term. Wave blue 'C' equals wave blue 'A' which completes a few zigzags. Also the IH&S pattern is further confirmation that the downtrend is exhausted. This occurred at the 50% retrace of the July 2012 low to Feb 2013 high for further support to the end of the downtrend.

EU is now in a 'c' wave up and we must wait and see if this will start an impulse move or corrective. Fib levels are drawn for likely targets of the full 5w sequence.

EU dropping much below 1.2920 would give cause for reevaluation of this moving upwards.

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