I have been looking at this monthly chart for 6 months now and was forecasting 1.20 back in the fall of 2009. No we have hit this level thus going long might seem required at this moment. However the monthly chart is telling us the impeding weakness that is to come over the next 6 to 8 months. As we closed below the low of wave A 1.2327, the market is now telling us that further fib levels will be hit. When it comes to Elliot Wave the wave structure is the most important thus it is interesting to note that if the Euro continues as a common currency and when this C wave decline ends we may be witness to another leg higher in the euro within the next 2 to 3 years. It is hard to believe that at this moment but the wave structure on the monthly chart is telling us that we do have significant room to the downside but when this structure becomes terminal we could see a 3rd wave up on the monthly chart. I find looking at the weekly and monthly chart it gives you a great understanding of where price will ultimately go.