One can make both a bullish and bearish argument for the euro / dollar going forward. From the bearish perspective, the euro / dollar could still drop below 1.2330 in a 5th wave terminal thrust from a triangle, which is in its final stages. The triangle labeling is what I am showing this morning.
In the case of the triangle, wave e of the advance should end this week. Resistance begins at 1.28 and extends as high as 1.30. From the bullish perspective, the rallies from 1.2330 could be a series of 1st and 2nd waves. While not pretty, the count is valid and most big rallies begin after formation of a large base.