Notice how the targets calculated on this 3-box reversal chart have been, - to the exception of the 106.8 downside target- fulfilled. Interesting also is the confluence among horizontal and vertical counts from several of the columns. The 121 (1.21 in spot terms) area was indeed a strong cluster.
The current ascent can't yet be used to calculate a target to the upside, since the column of x has to be reversed at least by 3 boxes.
As long as the euro is below the 45 red line, the trend is considered bearish. The intermediate thin line has been pierced but yet to broken with a valid signal. A new bullish line has emerged from the lows in July but it still lacks some established counts in order to be considered a trend indication.
The below candlestick analysis shows a pattern-rich Euro Philadelphia chart, with first signs of a deterioration in the upthrust, expressed by means of a Tasuki containing a red shooting star, both candles with equal highs, thus forming a Tweezer top reenforcing the alert. Notice the sequence of bullish patterns, and some invalidated bearish ones during the ascent move.