Euro-US Dollar contracts are presently at a make or break level, forming a scallop in a downtrend, Whether they will continue the downtrend or, reverse and breakout the linear resistance to complete the Rounding Bottom with an implied target of 1.18 from the present 1.14 (It is presently forming a flag with some conslidation near the resistance)
It has been observed that, every scallop of the Eur USD contract, has reversed to continue its trend at the 50% retracement level. (Hover on the Red Flags on the Chart) Applying the same logic, we have an implied fib resistance zone to break at 1.15 before it can head to the target of 1.18, form where it could resume its bull run towards 1.24 too.
Downside targets are at 1.11682, and upside targets at 1.18 and 1.24.
The targets would be influenced by the M3 Data and the annual growth of lending of the Euro to be released on Jan 3. Definitive signals point towards a good bounty on either side.