EUR/USD currency pair

So far EUR/USD currency pair is moving as per our Primary Count. The 5 wave sequence on the hourly chart began on 4-22-09 and culminated on 5-4-09 at 1.3416. The correction that followed brought it down to 1.325 on 5-7-09 and the we are in the next 5 wave move up.Looks like the wave 3 of this move is complete as it has met the target of 1.618% of the wave 1 of this move. Note that wave 1 of this degree began on 5-7-09 from 1.3250 and went up to 1.3439.
If wave 3 is complete, we should see a correction develop. Wave 2 was a Zigzag and corrected 50% of wave 1. We should see a flat or triangle in wave 4 with possible retracement to 1.3570 (23%) or 1.3530 (38%).

EUR/USD hourly

Another pattern that emerges on daily EUR/USD is a cup and handle formation. The handle is rather large. Will the cup hold up the beverage? We shall see! Recall the target of 1.4383 on my 4-30-09 post!

EUR/USD daily