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

We may have a wave 2 blue top in for the Euro, but the upward movement from the early October low is just as likely to be a zigzag for wave “a” pink. Either way, there is evidence that the next sizeable movement we’ll see will be downward because wave “c” pink turned hard at a fibonacci .382 times the length of wave “a” pink, and the move down from the overnight high looks to be in 5 waves on a 5 minute chart. Also, the wave 4 of one lesser degree appears to be providing strong resistance at about 1.3940.

One additional possibility that must be respected is that the most recent 5 waves up from the October 20 low is only wave 1 green within wave c pink.