click to enlargeThe Euro is nearly at it's minimum target, first called for last Nov. ( at least) in Where Is the Euro .
The 1.30 to 1.2850 area represented a cluster of Fib. support of intermediate and long term significance. See Euro Targets Update . And there appears to be what can be counted as a 5 down or very nearly. So as we are approach the lower end of that zone it requires careful watching. Longer term I don't think it holds, but there is plenty of potential for a serious bounce. There is also plenty of potential for an extension of the 5th wave, common in major extreme moves.
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The above short term count is possibly a -3- of 3 of 5 of C, or a "c" wave that completes a C.
Bottom line is if this is going to take out the 1.2850 support and extend significantly in the near term , it really cannot retrace more than 50% of the -3-, or 1.308.