EURUSD - Daily Elliott Wave Count - Update 07/19/2016 18:00 CST
The Daily Elliott Wave count is showing the B wave triangle with a few options. My top count right now is that we are moving down in (c) of circle d, toward 1.07. It is also possible that wave (b) up is not complete and we could see a C wave up from around current levels to 1.12745 before moving down in (c) of circle d.
The final option I am showing is that the triangle is complete with the brexit spike down as wave i and wave ii is in process. The wave ii is in the same situation as the (b) wave, it could move up to the 1.12745 area yet. A move below 1.09122 would indicate both are complete.
Price is below the 200 period SMA and the RSI is below the 50 indicating a sell only strategy is best.
EURUSD - Daily Chart
EURUSD - Weekly Elliott Wave Count
I am still looking at this current consolidation as a B wave triangle of a Y wave down. It is possible that D and E are complete and the pair is headed for the target of .8000. either way the C wave high of 1.16166 should not be touched for a few years.
The #EURUSD is also below the weekly 200 SMA and the RSI is below the 50 line indicating a long term strategy of sell only.
EURUSD - Weekly Charts