Elliott Wave analysis: EUR/USD looks for a recovery towards 1.13x area
|EURUSD is coming much lower with an extended and accelerating price action away from 1.1607 that looks like an impulse so we are aware of more downside after rallies. Ideally, another bounce will show up soon as we see it potentially trading in the Fibo. cluster target area for wave 5 of 3) with RSI divergence.
We will look for a red wave 4) correction that can retrace back to 1.13x resistance area and from where we can expect another drop within wave 5) as part of ongoing subwave D) within a daily triangle pattern.
EUR/USD 4h Elliott Wave analysis
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