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EURUSD Elliott Wave Analysis: Bearish Reversal

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EURUSD spiked to 1.3900 on Friday which made move from 1.3290 more extended and complex. Notice that we labeled rally in wave five as a double zigzag because of the overlapping price action. Keep in mind that we are tracking an ending diagonal on a daily chart where each leg has a corrective structure. So if our count is correct then bearish turning point could be near especially if we consider a 150 pip pullback from latest high. We suspect that pair will continue lower, but we would love to see broken channel support line as well as wave B swing low to confirm a change in trend. We can also see a bearish divergence on the MACD that is calling for a turning point.

EURUSD 4h Elliott Wave Analysis

Written by www.ew-forecast.com

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