EUR/USD eyes down towards 1.1185: Elliott Wave analysis

Gregor Horvat Wavetraders

USD and JPY are coming higher as stocks continue to weaken with SP500 breaking below 4500. So risk-off may resume which can allow USD to recover even more.

EURUSD came higher last week after US CPI figures. Pair moved to the upper side of a corrective channel line, to around 1.1490 where bulls slowed down as the market turned with impulsive bearish price action. We see nice and sharp reversal down and pair already testing the lower trendline support where we expect a breakdown that will make a room for further weakness back to 1.1185.

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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