The EUR/USD downtrend is continuing lower as expected. The strong bearish momentum is confirming a wave 3 pattern, which could aim for the Fibonacci targets of wave 3 vs 1 at 1.1280 and 1.12.
The EUR/USD seems to be in a wave 3 (blue) of wave 3 (purple) at the moment. Eventually a wave 4 retracement should make a shallow pullback, probably after hitting the Fibonacci target.
The EUR/USD completed a wave 5 pattern within wave 3 (green), then completed a classical ABC correction within a shallow wave 4 (green), before breaking the support trend line (dotted blue) of the bear flag chart pattern and continuing lower for a wave 5 (orange) of wave 5 (green) within wave 3 (blue).
