1. It seems that since march low the entire rise has been a WXY with recent high on 24th August been confirmed by momentum high.
2.The decline though strong still lack clear 5 wave impulse counts. Hence I am treating this as corrective.
3. We have effective (schiff) which has caught the upside well and could now offer potential support at the lower parallel.
4. We have polarity zone lining up with whole number (minor) and several rib retracement and projections.
Looking for long in the 1.1 -1.09 region.
Failure would below 1.08
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If we end up with significant decline as you suggest and as may have been calling for parity, then I think it would likely form and ending diagonal commencing from April 2011 high. However for that to really play out well it would be ideal for EUR to hit 1.21 or so then drop.
Will keep that in mind.