This is my count on the 4 hour chart of the EUR/USD.
Today the GDP came out better than expected, but still the worst reading in over 25 years -3.8%.
What did the dollar do? It got a liitle stronger. However, the line in the sand, 1.2765 is still holding.
Wave 2, cannot retrace beyond the start of wave 1, says the Elliott rule book. If it does, then we need to relabel and the bearish target is 1.2500, short term.
The bullish target is at least 1.3500, with a stop below 1.2765, that is a really good risk reward trade.
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