This is one chart that defied the predictive/forecasting model, as evidenced by the older targets left ghosted in the chart. Prior analysis indicated that, while these former targets were defined in the 4-hour timeframe, failure of nominal targets such as TG-Lo and TG-x, as it were, suggests higher-frame interference from heavier (i.e.: institutional) hands, thus forcing the analysis to look into higher timeframe, as we seek to define "who" is in control of price action.
At this point, we remain in a stand-still. Price has obviously hit the higher-frame extreme target at 1.24052, and remained in a tight consolidation pattern ever since.
A higher-high was defined within this consolidation interim at 1.25993. This is the level we are keeping in sight as a possible directional cue.
The larger picture has defined a completion of a Bill Wolfe's Pattern ("WW") completion, as price hit the pattern's Profit Line along the 1-4 projection.
Traders should look for fundamental data to support a $EUR recovery, perhaps on the back of a failing $USD. For now, the technical outlook is favoring a rallying in the order of a 0.500-Fibonacci range, based on the structural relevance of that level from a historical perspective, as well as an implied Scott Carney's Pattern completion, which is typically accompanied by its Pattern acolyte.
Note that further price decline remains a possibility, as a larger pattern seeks to complete a terminal Point-5, in terms of count - Whether this terminal point is already define depends on the current price action. Nonetheless, bias remains based on the confluence of these technical events.
Predictive & Forecasting Analysis
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$EURUSD mulls #elliottwave ED completion at Point-5 near 1.24052 target:
via @tradingview | $EUR $USD #forex #ECB
Central Banks Buying SP-500 Futures Extended Until End Of 2015:
If you are wondering what this means to the Forex market, simply look at the correlation between $ES and $USDJPY, and the impact it may have on $EURUSD.
Then, we'll have an idea of what's really driving the $EUR down.