As you know, the Ewaves are usually aroused by the social mood. That inaugurate events in the world, and when the EUR down trend began, still nobody was talking about fiscal problems in Greece, Portugal and other European countries. We still don’t know if these problems will end next weeks or not, but the pair EUR/USD very soon will complete very clear 5 waves downward, which are built for nearly five months. It was very serious decline due to hmmm....Do you think the P.I.G.S did it?
5 complete waves means, that the EUR is going to be kicked out by the green old buck for deeper retrace very soon.
See the current labeling I did: Technically two weeks ago I was doubting about the (V)th wave could happen (the current (iV) wave was labeled in my chart as "leading diagonal" of potential (a) corrective wave). So, that (V) is already underway and I relabeled my count.
I have enclosed the whole data I've got, and as you see the grand channel (since 1971) still holds the price between the lines.
The potential target looks like 1EUR= 1$
