EUR/USD has completed a triangle in mid-2014 around 1.4000, from where we have seen a strong bearish reversal down into big wave C) as expected. Wave C) is part of a three wave set-back from 2008 highs that could complete a big contra-trend move somewhere around parity, at the lower line of a downward channel. As such, pair could turn into a strong uptrend once the low is in, but keep that only five waves of recovery from the lows will put pair in bullish mode.
Elliott Wave Analysis - EUR/USD Weekly