There is a possibility that EURUSD has completed the first leg A/1 of the fall from 1.2070 at 1.1870 . The 5th wave could be an ED but we need euro to break above 1.1885-90 to validate ED, if it happens then we are looking at levels closer to 1.20 again to complete B/2 wave.If euro breaks below 1.1870 then the 5th wave will end anywhere between 1.1870 and 1.1830 to complete the 5th wave before moving up. For short term I think euro is preparing for a bounce back to 1.20 again either from here or within the next 40 pips.
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