Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
This count appears to me to be the most likely for the Euro, now that 1.40476 has been breached to the downside. Invalidations and target areas are shown on the chart.
Also, and very importantly, the S&P Futures (ES contract ) completed what appears to be 5 overlapping waves down before NY even opened this morning. This, despite some abiguities in the internal wave structure, looks like a leading contracting diagonal, which is most likely wave A black of an eventual ABC zigzag for Burgundy wave 4. If it is a diagonal, we should get an upward wave B in 3 waves this week, but not reaching above the May 2 high (in the ES contract) of 1373.50, which is invalidation in the “Wave A black is a leading diagonal” scenario. Leading contracting diagonals are often deeply retraced. This will likely have the Euro correcting as well, but not above invalidation at 1.43450, if the above Euro count is correct.