a] Scenario.

Probably ,EUR/USD is still forming a large [A] [B] [C] and is a about to finich is descending correction [B] in the form of horizontal running triangle in the area 1.2230 -1.23.

b]Scenario.

At the same time ,an alternative scenario implies that a descending structure , which the price has been forming since the middle of 2008.

To confirm this scenario ,it would be enough for the price ti cross the confirming level at 1.1876.

In this scenario ,we can forget about new maximum for a long time.

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk