A Euro technical analysis chart from GS, with plenty of waves marked:
Analysis of the chart from GS (bolding is mine):
- 1.1321 level is derived from an equality target taken off the Nov. 20th interim high. Meaning that if it holds support, there’s a good chance the market turned back into its recent uptrend, extending its rally towards 1.1575-1.1587 at least; includes 61.8% retrace and an ABC target off the November low.
- Alternatively, breaking ~1.13 increases the risk of continuing towards the lows. Either way, the market is still in a broad corrective process, implying messy/difficult price action for a while longer. Haven’t seen enough evidence of an impulsive rise or fall; certainly not enough to confidently chase either direction.
- View: Still broadly corrective. Watch for support at 1.1321. If held, focus would then shift up to 1.1575- 1.1587. Setup weakens below 1.13.