The EURO finished the wave "iv" black, now is heading lowing to the previous low 1.0880 and can move lower if it can break out the support. I took a short trade at 1.1010 with a small stop loss. I am looking to take partial profits at +60 pips and then wait for the target at 1.0880.

In the meantime, Dollar Index is bullish and likely to reach the previous high at 99.30 during the bullish cycle. This confirmation helps the EUR/USD trade.

 

EUR/USD Elliott Wave Chart

EURUSD

 

Dollar Index Elliott Wave Chart

DollarIndex

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