We expect lower levels on EURUSD in the near term after it found resistance at the end of the last week at 1.3645 from where when pair declined for almost 100 pips. A reversal in price should not be a surprise because of a five wave rally from 1.3105 swing low, so correction has obviously been expected. Corrections are three wave pattern that usually retraces back to the wave four termination point. In our case that comes in around 1.3475 so pair is expected to fall further in this week, down into wave (c) from current wave (b) position.
If you want more detailed analysis then please make sure to check our video below in which we also covered USD index, S&P500 and GOLD.
Written by www.ew-forecast.com
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