EUR/USD may shift back to the downside: Elliott Wave analysis

Gregor Horvat Wavetraders

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

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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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