Short-term Update on the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
Since last posting about the Euro, I think we’ve seen 5 waves down for pink wave 1. Pink wave 2 appears to be carving out an expanded flat. Wave C green of the expanded flat is nearly complete as an orange 12345. Wave 4 orange appears to have been a triangle. Using Elliott’s triangle measuring technique, the thrust target for wave 5 orange is at 1.3345. A more general target zone for the end of pink 2 is between 1.3331 and 1.3359.
A shorter MACD histogram bar than the previous MACD histogram bar on a 180-minute chart should offer a solid clue that the thrust from the triangle is over.
