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Euro weakness accelerated late in the past week once the prices broke through the lower support line of a base channel, which we know is an evidence of an impulsive wave three.

As such, decline from 1.4548 is considered as a powerful impulsive, but still incomplete leg, currently with a corrective wave 4 underway.

Guest post by Gregor Horvat.

We expect a completion of this pull-back in the near-term, maybe somewhere above 1.370, from where a new sell-off should occur. Our lower projected target is around 1.3300!

Critical/invalidation level is at 1.3973!

EUR USD Elliott Wave Analysis September 13 2011

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