EUR/USD Elliott Wave
The EUR/USD pair was trading in a downward move yesterday developing 3 wave (coloured blue). During the European session we could observe descending movement towards the 1.2615 level where this major found support and pushed slightly higher .Therefore during the New York session the EUR/USD pair continued trading in a bearish mood reaching a new low at the 1.2545 level.Today during the Asian session this major make a one more downside push reaching 1.2515. We can consider this move as end of 3 wave (coloured blue). Presently we can observe starting of 4 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 4 retraces 50% of the wave 3, we can define the potential targets with Fibonacci retracement (1.3065-1.2515) with Take Profit at 1.2839 (50% of wave 3). The end of the 3 wave at 1.2515 can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S. Core Durable Goods Orders m/m, Unemployment Claims, Durable Goods Orders m/m, Flash Manufacturing PMI, FOMC Member Dudley Speech, Treasury Sec Geithner Speech and EU ECB President Draghi Speech, and the Belgium NBB Business Climate that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.2461 (S2) 1.2516 (S1) 1.2550 (PP) 1.2604 (R1) 1.2659 (R2) 1.2693 (R3) 1.2747

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 1.2585 with Stop Loss at 1.2515 and Take Profit at 1.2839 are recommended.