EUR/USD: Elliot wave analysis
Weekly. The pair seems to have formed the rising wave [D]. It is a part of a horizontal triangle and is a double zig zag. In the nearest future the pair is likely to decline in the wave [E].
Chart. Weekly EUR/USD
Daily. The pair has already started a sharp decline in the wave [E]. Bearish move is likely to continue.
Chart. Daily EUR/USD
H4. EUR/USD is forming a strong and fast-moving wave 3. We may see a small bullish correction soon. After that the market is likely to extend the downside in the wave 5 and to renew the low. All in all, there is a stable bearish trend on the market.
Chart. H4 EUR/USD
Roman Petuchov for FBS