Almost a month ago, on July 26th, while EURUSD was trading near 1.0980, we published an article, called “EURUSD With Two Bullish Counts”. “The bottom at 1.0808 should be safe from now on” was the most important part of the description of the first of them. You can see it on the chart below.
As visible, the Elliott Wave Principle suggested wave Y) to the north is in progress, which meant we should expect EURUSD to reach the 1.15 mark. Today, the pair climbed as high as 1.1498. This is another great example of the accuracy one could achieve by using the Wave principle in the FOREX market. However, one question always remains – now what? An updated analysis is given on the next chart.
The acceleration, the slope, the length. It seems EURUSD is currently in wave 3 of C of Y). If this assumption is correct, we should expect wave 4 and 5, before the whole pattern is over. In other words, the euro might climb to 1.16, before the bears return.