I am not suggesting that the overall market has turned just yet as still I am expecting USD to make a new low at some point but expect EUR to fight back like we're seeing here.
Please see the updated count: (Keep in mind the bigger picture as I think there may be an developing from the break of the triangle at 1.1300- I will post a screengrab of this at the comments)
Wave A from 1.0830: The choppy nature of this fall shows me that we've seen an A = WXY, B = ZZ and C= Impulse to the low at 1.0500
Wave B: Complex flat at (circle a), WXY combo to (circle b) and 5 wave impulse in process for wave (circle c) to complete the bigger B wave.
Forecast Wave: Wave C should begin at either the 0.618% or 0.50% at the 2 key resistance levels I have marked,
Series of 3 wave moves developing - suggests a possible ending diagonal wave 5
If this move is going to continue to the short side, this current move would have to be sharp impulse down as this move would be an expected wave 3 based on the pattern. However, the move seems to be slowing down so a possible a Zig Zag shape is likely in play which retraced to 38.2%. Watch this space....
Looks like the ZZ correction has completed so now looking for a long entry.
1st TP is will be the 1.618% extension which is at 1.0800.
Further updates will follow.
Long forecast of this pair is looking great!
I am still Long for now and will stay long as I'm still seeing bullish sentiments but will update the charts next week with the potential next moves.
Have a great weekend all!