The post on 1/13/2020 exhibited what the Euro had done from the 2018 high and what to look for going forward.Now that the break from the 12/31/2019 high that was 38.2% (5) has taken them to test the lows again we are still looking for a new low based on the 38.2% rule.
As for what to look for now, we have to go out to the weekly chart,
Provided they make a new low, you can see that on the weekly chart below that 78.6% (1) of the December 2016 low and January 2018 high comes in at 1.0838. There would be two different things coming in to play here, first is, only making a slightly lower low after hitting 38.2% above tells us (per the 38.2% guidelines) to look for 61.8% back of that same move and that would be 1.1470. The second thing is that the target when you react from 78.6% is 78.6% of where they just came from and this is 1.2200 (2). This is extreme and could take years to complete, but it is the eventual target. You will always have to watch all the other retracements on any rally from this area to see just how weak or strong the market is. For now once a new low is made you can then use 1.0838 as the long term swing point, if this area is violated we will have to go out to the monthly chart for just how far it can go and if this happens another update will follow. On a rally from this area the first place to check this market will be 23.6% back to the 2018 high, this level currently is 1.1275 and this will change with a new low.