Our view of the EURUSD remains bearish, although we have adjusted the count since our last post. The current three wave rally that started at 1.0347 should complete soon and signals the continuation of the downwards trend. Wave (3) should travel around 1.618 the distance of wave (1), which assuming a wave C peak of 1.0892 would place the target in the region of 0.9340.
The triangle that is currently unfolding is near completion. The wave (5) should finish in the region of 1.19828, at the lowest level since May 1895. The pair may continue to descend, which may suggest the next objective is the all-time low of 1.0345.
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