Scenario 1: EUR could push down to 1.0600 as C wave of a triangle looks complete, with a D wave underway. This is my preferred count as I am seeing MACD divergence on the 1d, 6h, 4h, 3h, 2h, and 1h chart so this indicates to me that the EUR has been WAY overbought so a long term BIG SHORT is very possible.
Scenario 2: EUR could push up to 1.1600 as part of a C wave in a triangle following this channelling as wave C sometimes can re-tracement 90% of wave B in Flat corrective wave.
Scenario 3: Alternatively, wave C could also extend past the point of A as part of a Flat corrective wave C but very unlikely as EUR is losing a lot of steam.
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It looks like scenario 2 is currently playing out so keep watching for the 1.1600 mark
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Scenario 2 is validated and now going short!
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It looks like the bigger triangle in EURUSD is playing out nicely!