EURUSD Elliott Wave Analysis: Downtrend Remains In Play

EURUSD made a new leg up yesterday which was a not surprise as pair made a triangle pattern in wave B position. Triangles are very important when you want to predict further direction on particular market. Why? Because a trust out of a triangle is the final leg within current trend. So in our case it means its wave C, third leg within corrective rally from 1.1094. Also, triangles can never occur in wave 2, so we know that upside is limited for sure, as reversal from the low is not impulsive. With that in mind, EURUSD could turn south once again, ideally from around current 1.1500/1.1550 area. A drop through 1.1310 bearish level would suggest that wave 4) is complete and new leg underway back to 1.1094.
EURUSD 4h Elliott Wave Analysis

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