Elliott Wave analysis of EURUSD once again shows some interesting wave patterns. As always, my comments are posted directly on the chart to enhance your learning experience. In my view, the current recovery in the Euro is going to be short lived, and we will see the currency come off again towards 1.3215, possibly breaking that also.
You can observe what appears to be an expanding diagonal triangle. As explained in the book Five Waves to Financial Freedom, diagonal triangles often show up as ending patterns in 5th waves and C waves. I recommend that you revist that chapter and study the above chart as well. Thereafter, you can follow up with the current market developments in real time to see whether our expectations work out, and if it doesn’t what went wrong. WaveTimes is a ‘living book’ and acts as a great supplement to your learning of the Elliott Wave Principle.