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

I’m now calling the above my preferred count for the Euro. We’re probably just a day or two away from the MACD divergence I’ve been looking for on this 180 minute chart. Just beware that the US stock market is likely to bounce at any time, and the correlation between the Dollar and equities has been blurred as of late, so any kind of breakout could be quickly retraced before a new downtrend in the Euro can thoroughly establish itself.

Notice how the pink vertical lines, placed at the MACD extremes, are pointing out the “wave 3’s” throughout. This is the sort of thing that I teach in my weekend webinars. Hope to see you in one soon!