I’ve attached the euro’s weekly chart to this monthly analysis, to show the different waves that are in play at this time. The major (long-term) trend remains down, with the recent secondary (intermediate-term) uptrend looking to be Wave B (second wave) of the 3-wave major pattern. Note last week saw the euro post a bearish spike reversal, indicating it was set to move lower over the coming weeks. If the major trend is indeed in set to move into its next wave, Wave C (third wave), it would be expected to take out the Wave A low of 1.17305 from the week of March 29. The next major downside target is 1.14926.
