Elliott Wave Analysis: Big Corrective Pattern On EURUSD Complete; More Weakness In Sight 


Gregor - Author BIO photoEURUSD is turning sharply lower from the 1.1300 level where pair have finally accomplished a big and very long sideways pattern that was located in wave IV. It was a triangle which is now completed because of a decisive break beneath the blue wave D swing at 1.0847 level the previous week. As such we are now even more confident that bears may gain more momentum and make a decisive breach below blue wave B.



Reagrding the lower time frame, we see EURUSD in a strong bear trend for the last two weeks which is looking impulsive, so we believe that big consolidation since 2015 was a triangle in wave IV, now completed at 1.1300. As such, we are looking lower into wave V which has it’s first target at 1.0400, but we may also see continuation even down to parity after short-term pullbacks. Current pullback on the 4h chart is wave four, now trading at resistance.






By Gregor Horvat

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