Euro forecast as of 05/12/2009

EURUSD – Looking at the shorter term pattern, Elliott shows that market is in the process of “Zig-Zag” (ZZ) in the range of 1.3748 – 1.5205 between May 7th and June 29th. Market move below 1.3000 signals the possibility of yet another pattern in works.

Zig-Zag is a three wave pattern, where 1st and 3nd wave is Impulse and the 2nd wave is corrective in nature.