EUR/USD may shift back to the downside: Elliott Wave analysis
|EURUSD was higher recently, but not much. Pair slowed down again very quickly around 1.14 level which we see it as a very strong resistance.
On 4h chart, EURUSD stabilized after a sharp sell-off from 1.1600 that we see as an extended wave 3) that belongs to the ongoing bearish impulse which may resume after a current rally.
We see the current slow price action as wave 4), now at 38.2% Fibonacci level resistance where pair may shift back to the downside this month. Break below 1.1250 will make a room for a fifth wave move back below 1.1185.
EUR/USD 4h Elliott Wave analysis
Check more of our analysis for currencies and cryptos in members-only area. Visit Wavetraders for details!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.