EUR/USD Elliott Wave analysis: Be aware of more weakness

Gregor Horvat Wavetraders

EURUSD is trying to stabilize after a recent 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 price rally as wave 4) that already stopped at the 1.1370 resistance zone, near 38.2%, so we should be aware of more weakness this week, while an upper trendline holds.

EUR/USD 4h Elliott Wave analysis

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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