Since jun 2008 the european currency has weaken against the USD. From its high at approx 1.60$ it has fallen to 1,03$ and stays now on 1.14$.
The movements happened within a big parallel channel whereas the upper and lower limit have been tested.
From 2008 to 2014 the upper limit has been touched three times - (3 descending peaks). The valley between the second and third high shows the neckline (1.20$). Exactly on this level we see also a fib retracement 50%.
between the neckline / fib retracement and the upper limit of the negative corridor we can draw a falling triangle - the EURO broke ouf of this wedge within the second half.
It was a fast dump and in the following the Euro even broke the next support (fib retracement 38.2% - 1,21$). It rebounded on the lower limit of the corridor.
After jumping between the two fibs it climbed to 1.25$ - the head of a shoulder-head-shoulder - pattern. Combining the two valleys we get a descending neckline and EURO is actually on this line, which crosses the fib retracement 38,2% at 1.12$.
Therefor I make a negative projection with Euro breaking the actual support, falling into a rectangle (formed by the last swings) and then continuing to the next support-level at 1.006$ (fib retracement 23.6%).
The movements happened within a big parallel channel whereas the upper and lower limit have been tested.
From 2008 to 2014 the upper limit has been touched three times - (3 descending peaks). The valley between the second and third high shows the neckline (1.20$). Exactly on this level we see also a fib retracement 50%.
between the neckline / fib retracement and the upper limit of the negative corridor we can draw a falling triangle - the EURO broke ouf of this wedge within the second half.
It was a fast dump and in the following the Euro even broke the next support (fib retracement 38.2% - 1,21$). It rebounded on the lower limit of the corridor.
After jumping between the two fibs it climbed to 1.25$ - the head of a shoulder-head-shoulder - pattern. Combining the two valleys we get a descending neckline and EURO is actually on this line, which crosses the fib retracement 38,2% at 1.12$.
Therefor I make a negative projection with Euro breaking the actual support, falling into a rectangle (formed by the last swings) and then continuing to the next support-level at 1.006$ (fib retracement 23.6%).