In this chart, I have defined Monthly and Weekly Zones. The reason I define the time frame of S&R is because the higher time frames hold more strength. The reason for this is because there are larger institutional players in the markets at these levels and in some cases, governments and central banks.
With that said, here are the steps my model has outlined for this market:
1. A pullback up to test the Weekly (1.22466-1.23647). This move is a correction of the move down to the Monthly .
2. A continuation of the move down to the Monthly (1.10223-1.07625). This move is a correction of the move up starting in Jan 2017.
3. Once the Monthly is tested, the EUR will continue its move up beyond the Weekly and on its way to TG 1-4 outlined on the chart. These targets are defined on a Monthly Time Frame.
Please refer to the related chart below for a closer look at this current move down.