There is no change in the prior short-term forecast. Euro has the same differing options for the entire correction as Intermediate wave (B), which can take as the U.S. dollar but flipped over.
The counter-trend rally in Minor wave C could be in place, to get to more complexity in its structure and last longer than it has so far.
Short-term Uptrend :
Euro has the same differing options for the entire correction as Intermediate wave (B), which can take as the U.S. dollar but flipped over.
The rally in the week indicates that upward correction in the Minor wave C is in place yet, to get to more complexity in structure and last longer than it has so far.
Bearish View :
There is no change in the Euro’s bearish view, too.
The Minor-degree wave D would achieve the Fibo-expansion targets at 1.07885 and 1.06468, in a three-wave structure. Euro should hold under the mid-March high at 1.13423, during the entire process of decline in Minor-degree wave D.
Bearish View :
Euro may have started to decline in the final subdivision of Minor-degree wave D down of the triangle wave (B).
The wave D would achieve the Fibo-expansion targets at 1.07885 and 1.06468, in a three-wave structure. Euro should hold under mid-March high at 1.13423, during the entire process of downtrend in Minor-degree wave D.
Euro may have started the decline in final subdivision of Minor-degree wave D down of the triangle wave (B).
The wave D would eventually achieve the Fibo 0.618 expansion level at 1.06468, in a three-wave sequence. (wave D = 0.618 wave B, a common relationship between the same direction subwaves of a triangle.)
Bearish View :
Yesterday’s 3.6 percent countertrend rally of Euro, could have completed the second wave of Minor-degree wave D down of the triangle wave (B). As noted in the prior posts, Euro would still remain in the process of correcting in triangle wave (B) over the months ahead.
The current decline in wave D would eventually achieve the Fibo 0.618 expansion level at 1.06468, in a three-wave sequence. (wave D = 0.618 wave B, a common relationship between the same direction subwaves of a triangle.)
Euro fell by 4.5 percent in February, that would be just first-wave of wave D of the triangle as Intermediate wave (B).
The Minor-degree wave D would likely achieve the Fibo 0.618 expansion level at 1.06468, in a three-wave sequence.
Sideways Developing :
As shown on this daily chart, Euro should remain in the process of correcting in triangle wave (B) over the coming months.
With respect to the triangle correction as Intermediate wave (B), its Minor waves A, B and C are complete, wave D down is falling now, and wave E up would lie ahead.
The current decline in Minor wave D will likely achieve the Fibo 0.618 expansion level at 1.06468. (wave D = 0.618 wave B, a common relationship between the same direction subwaves of a triangle.)
Today, sharp selloff in Euro would suggest to register the extreme point of Minor-degree wave 4 at 1. 09675. The ultimate decline in Minor-degree wave 5 should have resumed.
The adjusted target for current decline is 1.03405, where the Minor-degree first and fifth waves are equal.
After consolidating for straight weeks in Euro, as Minor wave 4 triangle, an ultimate decline in Minor wave 5 should ensue now.
With respect to this bearish count, the extreme high of the triangle at 1.10596 must hold. The expected target is 1.03302, where the Minor-degree first and fifth waves are equal.
Elliott Chart 