I posted last week that EUR is showing signs base the on the count I shared (Please see link below) but as a prudent trader, an alternate view is always a must to get a holistic view of the market; and prepare yourself for all possible scenerios in case the market turns against you.
Here's is bear count:
Wave 1: Impulse down since the US election at the termination of the wave (E) of a triangle
Wave 2:Complex Expanded flat with an wave C that retraced to a key fib level @ 0.50%
Wave 3: We are currently in wave 3 with sub 1 and sub 2 wave complete
Forecast Wave: Over the next week or so, we should see a sharp decline with wave 3 of 3 in progress if this count is correct.
In addition, DXY and Swissy are both showing USD bull in the wave count and these two pairs move in sync with the EURUSD which indicates that EURUSD will head south.
I am still on the fence as to which way the market will turn but I anticipate the market will tell us this week as to who will win. Bears vs Bulls!