If my outlook on the the GBPUSD USDCAD & NZDUSD shall prove accurate then this is most likely the count on the EUR. From an elliott wave perspective, considering that the wave ii(blue retraced) more than 61.8% of wave i (blue) we can expect wave 4 to retrace 38.2% or less of wave iii which gives us a ceiling of 1.2890. Prices then should decline towards or bellow the 1.25 handle.
As defined by Edwards & Magee a descending triangle has bearish implications from a classical technical analysis point of view, this pattern's measurment implications suggest a move towards the 1.2500 mark which hasent been met as of yet.
Notice the moving average compression that suggested that the market has been in a contraction phase for sometime and is bound for an expansion. Also notice that we are bouncing off the lower end of the bollinger band which suggests an extreme hence the assumption that wave iv(blue) higher is under way.
Above is a valid alternate count.
Regards,
Ahmed Farghaly
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