EURCHF low risk bullish setup

I think it's worth a shot at these levels. This should break to the upside and target around 1.27 given the measured move from a triangle break.

EURUSD to begin Wave 2 higher?

Today's thrust lower in the EURUSD appears to have completed Wave 1 Green lower. It is currently facing the resistance of the 61.8% retracement of the B Wave as well as the center-line of it's channel. This may be a decent stopping point for the decline. Ideally, I would like to see an end of day rally to create a tail on the today's bar. The coming rally may match Wave A Green's peak in order to set up a massive Head and Shoulders pattern which will be broken in a Wave 3 Green lower.

Euro heading higher?

EURUSD appears to be completing its B wave Correction lower with a thrust under its channel support. What I have labeled as Wave 4 Black may actually be a part of Wave 3 Black with one more thrust to finish the decline. However, given the proximity to the origin of Wave A, I feel the risk/reward is justified as it is currently labeled. It feels almost wrong to be bullish on the Euro given all the negative news lately, but recently commercials have been buying Euros at record levels according to the COT data. This usually corresponds to significant bottoms in the EURUSD.