The Euro appears to be ending its 4th wave bearish triangle which began in March 2015. That triangle is so far indicating an ultimate target of $0.87+.
I am expecting an initial thrust downward from the present rally peak (which I believe is the top of wave E, which is itself triangulating now and still has one minor wave up to be complete) to near $1.0562.
An alternate count is that this is the peak of triangle wave (b) of D, but the downside target remains the same. This discrepancy in the count could be resolved when it is seen whether price rebounds in an E wave from above the 1.05168 (the December 2015 low which is wave B of the triangle) or just keeps on going down toward the long-term target.
I am expecting an initial thrust downward from the present rally peak (which I believe is the top of wave E, which is itself triangulating now and still has one minor wave up to be complete) to near $1.0562.
An alternate count is that this is the peak of triangle wave (b) of D, but the downside target remains the same. This discrepancy in the count could be resolved when it is seen whether price rebounds in an E wave from above the 1.05168 (the December 2015 low which is wave B of the triangle) or just keeps on going down toward the long-term target.