Deep retrace in wave 2 into 61% of whole wave 1 after price got rejected from SUPPLY area of 1.2550.
Right now if the lower DEMAND area woukd get broken through, we might expect deeper pullback in shape of Double Zig-Zag - this count has been presented on H4 bigger picture chart.
All info on charts.
Take care,
Seb
Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/euraud-h1-h4-daily-update.html
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