Elliott Wave Analysis: Bears Pushing EUR/USD Lower Towards 1.0400

EUR/USD is in strong bearish trend for the last two weeks which is looking impulsive on 4h chart, 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.

First pullback is already underway as shown on the 4h chart, where we have been tracking blue wave 4 and which seems to have found a resistance near the 38.2 Fibonacci ratio. That said correction may be over, so more weakness may follow into wave 5 of V.

EUR/USD, 4H

EUR/USD 4-Hour Chart

EUR/USD, Daily

EUR/USD Daily Chart

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