Whats next for the Euro using the Elliott wave -forecast

As everybody knows the European debts crisis is taking and tool in the single currencies.Looking from the other side of the Atlantic looks like nobody works in Europe and every country with the exception of Germany has a big government which do not have enough money to keep all citizens services working.Like I said this is from the other side of the Atlantic, we in Elliottwave-forecast do not understand and trade base in fundamental news.Lets see the Elliott wave structure reading of the Euro and the Eur/usd in particular being this pair the motor when it come to pricing the Euro.The Euro as everyone know was created January 1st of 1999 and become a successor to the European Currency Unit (ECU),consequently we going to look at the charts with that in mind because they look different in many ways and we are in a important moment defining the Elliott wave principle pattern 

First scenario Bullish Eur/usd from current levels.

From 1999 the Eur/usd did a clear Five waves structure from 81.10 to 16038 those five waves can be the beginning of a uptrend move which will make the Euro very strong and then from 16038 we have two legs down and a recovery in the middle in the form of a Flat, that can be a completed corrective structure ABC from 16038 to 11874 , is worth mentioning that 11874 is very close to the 50% Fibonacci level of that 5 waves swing.Then, from 11874 we have so far a a three wave structure and it is possible to a swing higher in wave 5 as far as 13334 is not printed before 14283 be printed .In conclusion, the 11874 can be lower we going to see the Eur/usd in our lifetime if this scenario play out and thats why the 13334 level is key.

Second scenario :Bearish Eur/usd from current levels.

To understand this scenario we need to take the chart to 1978 putting together the ECU chart with the Eur/usd chart from 1999. this chart is showing a WXYZ structure when wave x of Z is happening right now. lets get to short term 16038 was A of Z and then now in a way of wxy is dropping the move from 16038 to 12328 is W the flat recovery to 15144 is X the leg from 15144 to 11874 is a of y and now this recovery b of y that will take the Eur/usd to around 11400 to completed Y and then a recovery.This scenario is supported by the indexes and major pairs. 

In conclusion, to early to call which way the major move in the Euro will be but 13334 will give us some good indication of how it will perform waiting for 13334 is a good way to save money.

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Eric Morera expert at Elliott Wave Forecast using Elliott Wave Principle