While the argument could be made the euro is stuck in a sideways range between its January 2021 high of 1.23490 and March 2021 low of 1.17035. However, a look at its monthly chart and I still see a major downtrend that began with the bearish spike reversal this past January, with the subsequent 2-month reversal this past May and June looking to be the peak of Wave B (second wave) of the long-term 3-wave pattern. Given that the euro is expected to take out the Wave A low from this March, with the downside target area between 1.16947 and 1.14926. With monthly stochastics still near the overbought level of 80%, it’s possible the euro could extend its downtrend to the next target of 1.12905.