EURUSD spiked to 1.3900 last week from where we can see some downside pressure that could be start of an important bearish turning point on this pair. Notice that price is now already beneath the channel support line and threatening the wave B swing low around 1.3615. Further weakness, through the support will be another confirmation for a change in trend. For now, critical region is at 1.3818, as long this swing stays in place the bias is down.
EURUSD 4h Elliott Wave Analysis
On intraday chart EURUSD is moving down in third leg of decline, labeled as wave C/3 that should be made by five waves. We see current sideways price action as fourth wave so be aware of more downside as long as 1.3740 holds.
EURUSD 1h Elliott Wave Analysis
Written by www.ew-forecast.com
