'Market and Human' Psychology perspectives with tips on how to avoid common mistakes by 
Overall the large move down on the EUR/USD from the $1.60 top is a correction of a very long move up for the EURO. I like to count Elliott wave patterns on the longer term for potential overall perspective.
If indeed the first leg down is wave A then a Wave B should be unfolding and they often take the shape of a triangle. so this opens the possibility to the count I present here.
Let me be absolutely clear; that this only ONE possibility of many. As even within the Elliott Wave counting rules many current counts could fit the existing pattern.
A strong rebound from here would bolster this view. A break much lower and the hypothesyse looses potential and in fact below the $1.2365 low completely negates the presented possibility.
[...] Possible track for EUR/USD longer term [...]