Has Euro Reached a Technical Bottom
With the ECB QE plan inaction around the corner, it appears that Euro may come under further pressure which may push it further down to a new psychological level of around a 1:1 parity with US$, which may seem an unprecedented low level given recent performance. But from a technical perspective perspective this still seems a big stretch. This means that the price level would have to reach the line of resistance R1 ~ 1.04 Euro/US$ parity. However, if the ECB's plan is received with a positive note, we can expect a short rally.
Looking at the Eliott Wave pattern (Pls refer to my publication on that) it appears that the bottom has been reached with a prolonged double zig zag pattern, and which would constitute wave A of an extended correction. And now weave B, pointing upwards, should ensue.
Looking at the Eliott Wave pattern (Pls refer to my publication on that) it appears that the bottom has been reached with a prolonged double zig zag pattern, and which would constitute wave A of an extended correction. And now weave B, pointing upwards, should ensue.
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