Rather late than never!
The euro made its high earlier this year and bounced off it's first resistance which needs to be retested before the Euro can have a long term trend change. It failed to test the major resistance just above of 1.2675. Yearly support lies at 1.054 so we are likely to see the downtrend continuing for the next few years until that is tested where it is expected to bounce.
2 triangles are clear, one giving a timing of 2022, and the second in 2024. The yearly downtrend is showing continuation until 2031, which is 1 year astray from Martin Armstrong's ECM bottom of 2032 where the pivotal support from the 2000 low stands.
QUARTERLY - Q2
In Q2 the Euro broke the Q1 low so we are in a Q downtrend and currently it is lying on moderate pivotal support at 1.189. This is the 3rd test so we can get a bounce here into Q3 to retest the Q cyclical resistance which next Q stands at 1.232, which would make next Q an enclosed bar indicating a subwave has formed. Another subwave could then form, again making a lower high and higher low, giving the Euro some breathing space until the end of this year before it continues a rapid drop next year as the Q support will be very weak to due to the retests, opening a gap down to yearly support as there will no longer be Quarterly support.
If the Euro continues the downtrend next support is weaker at 1.1665 below which there is a gap down to yearly cyclical support which in Q4 stands at 1.0772.
The Euro has an opportunity to bounce as it is on monthly cyclical support as well as moderate Q support. Next months open will determine if we get a bounce where an opening above 1.2051 is required. An opening below this could result in a small bounce to test resistance at 1.2051 before continuing the down trend with those turning points being August and October. To pause the current downtrend next month an opening above 1.20 is required.
An open below 1.20 leave a gap down to 1.166 with strong support at 1.15785.