Elliott wave Analysis: EURUSD Eyeing 1.1300 Zone

On EURUSD we see price falling sharply since February, when pair might have completed a corrective rally of a higher degree. Notice that there was a strong and extended leg down through April which fits as sub-wave three of an impulsive decline. As such, more weakness will be expected as fall should be made by five waves. Currently we see pair sitting on a support here around 1.1550 which can be broken for a push lower into wave 5 of 3) to around 1.1300 area.

EURUSD, Daily

eurusd, daily

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