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Euro: Multi-month consolidation

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Oct 17 2011

After a sharp move lower, seen in the past few weeks pair has found a support and has rebounded quite significantly since then. As such, we suspect that wave D is complete and that pair is now trading in final stages of a wave B) running triangle, which may complete late this year. Keep in mind that this wave B) is only second leg of a corrective move lower started in 2008. So, once wave B) is done, a sharp sell-off will follow in C) move, below black wave B extreme!

We expect a sell-off on Euro even towards 1.18 while pair trades below 1.4938.



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