The embedded chart shows weekly nearest price action on Euro futures. This is an absolutely fascinating chart in that it depicts a classic ‘W’ pattern followed by another ‘W’ pattern followed by what likely will be yet another ‘W’ pattern.
We are currently forming leg B-C of this most recent ‘W’ pattern and if it proves to be a valid pattern, point C should form right around current levels. In the worst case, point C will form at the 1.2600 level.
If point C establishes itself as predicted, then point D will see the Euro rally to exceed the early 2013 highs.
Definitely, the Euro bears close watching right now.