Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Since my last Euro post that included long-term charts (April 28), things have progressed as expected. If my main intraday wave count is correct, the next leg down for the Euro may be commencing quite soon, moving into the most aggressive center portion of the 5000 pip thrust out of the 3-year long triangle. If I’m wrong and price at some point moves above short-term invalidation at 1.26689, wave 2 orange would likely be continuing as an extended WXY correction. Either way, the 5-wave impulse to the downside from the June 10 high (1.26689) through the June 11 low (1.24506) portends further downward movement in the short term in my opinion, with explosive intermediate term potential as a nice bonus.

During the coming middle phase of the thrust, we should see weakness in equities and commodities, with Precious Metals as the exceptions, which are likely to rally alongside the safe haven US Dollar.

Sid

http://elliottwavepre.wpengine.com