Elliott Wave Analysis: EURUSD
EURUSD is turning sharply lower from the 1.1300 level where pair have accomplished a big and very long sideways pattern that was located in wave IV. It was a triangle which is now completed. A decisive break beneath the wave B swing at 1.0533 level was a confirmation for a completed higher degree correction and that more weakness may be in progress. That said, the updated wave count is showing us the pair trading in red sub-wave 4) of three, that may in days ahead see more slow and choppy price activity.
EURUSD, Daily
On the 4h chart of EURUSD we are observing a three wave move developing in wave 4), with price now particularly trading in sub-wave C. As we can see on the updated count, wave C could unfold as an ending diagonal, a powerful reversal pattern, that can after its completion cause a sharp reversal lower into wave 5).
A break beneath the 1.0454 level would suggest lower levels to follow.
EURUSD, 4H
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