Elliott wave analysis of EUR/USD - Strong downside pressure to continue.

EUR/USD

Please see my last post of EUR/USD here:
http://theelliottwavesufer.blogspot.dk/2013/06/elliott-wave-analysis-on-eurusd-and.html

The decline from the 1.3416 high (top of wave c and 2) has been very strong and powerful, just as we would expect of a wave 3.
We have already seen a break below the lower support-line connecting the bottom of wave 1 and the low of wave b, which is a sign of strength. That said we have the important S/H/S neckline just below at 1.2800, but if this support breaks too, then we should see a continuation lower towards at least 1.2394, but the long term target will be much lower. The S/H/S target along gives us a target near 1,1800.

At this point only a break above 1.2932 will delay the downside pressure for a move towards 1.3032, but once this correction is over, we should expect a new powerful decline below support at 1.2800.