Written by www.ew-forecast.com
EURUSD reversed higher few weeks back from around 1.2750 level, but recovery since early April has still a corrective look. With that said, we think that move is complex correction, probably a flat and that larger trend will continue lower, especially if we consider a five wave decline from 1.3700 at the start of the year. If we are correct then current bullish leg is wave C) of a three wave pull-back that should stop somewhere around current 1.3400 -1.3500 resistance area.
EURUSD Daily – Elliott Wave Anayis
At the 4-hour chart we can see that EURUSD moved to a new high last week but then prices found resistance around the upper trend-line of an expanding diagonal pattern, from where we have seen more than 120 pips decline. A sell-off can be counted impulsively so we think that top, even if just temporary, is in place and that pair is heading lower in minimum three legs, back to 1.3200-1.3250 as a first downside objective while 1.3450 is in place.
EURUSD 4h -Elliott Wave Analysis
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