FXstreet.com (Barcelona) - The Euro has gone through a downside reversal in December, dropping from 1.5100 area to levels right above 1.4200, and according to Nicole Elliot, the pair's potential recovery will not reach much higher than 1.4700 over the first quarter.

On the medium term, Elliott expects the Euro to stabilize this month, and possibly pick up to 1.4700 in February: We do not expect a break above the psychological 1.5000 area this quarter. Instead we expect it to try and stabilize against Fibonacci support this month, possibly trading back up to the 1.4700 area within the next six weeks.