- May 8, 2011
- Posted by: Ramki Ramakrishnan
- Category: Euro
What is the most likely path the EUR/USD will take over the next few weeks? What does Elliott Wave analysis of Euro suggest at this time? I think we will find decent supports just above 1.4140 level and spend several days correcting the sell off. If indeed the moves develop as shown in the 3rd chart (below), then that will be a 5-wave sell off from the top. The implication will then be the EUR will have more room on the downside AFTER we finish the correction. We will try and identify the outer limit for the correction later on. But clearly a 5-wave downmove as shown (if it materializes) will mean the EUR has topped out for this summer.