Looking at the coming week and the projected data coming in and the long term trend I see no reason to go short yet. The 200 day average is still above the 1.12100 and the Euro up trend seems to still be going strong, Given the average zigzag time of 2-3 days I do expect that the EURODollar will be back at the 1.13 some time during the coming week. The economic data from the US is also weak witch would suggest that the trend will more then likely be up.
@Renforex, guess I was a little premature with my expectation. Elliott wave prediction assumes pullback before further continuation of the motive wave....next breal of 1.12200 I expect the price to go beyond 1.13