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Elliott Wave Analysis: EUR/USD Approaches Trendline Resistance

Powell speech, end-of-the-month position adjustments, and covid news have shaken the markets quite nicely this week. We have seen some sharp intraday drop yesterday on US stock market while the USD rallied before it bottomed later in the session. However, the EURUSD is still tapped in a 200 pip range so wave 4) can still in underway.

EURUSD is trying to stabilize after a recent sharp sell-off from 1.1600 that we see as an extended wave 3) that belongs to the ongoing bearish impulse which may resume after a current rally. We see that rally as wave 4) which is now at the resistance zone here around 1.1370, near 38.2%, and an upper trendline that should stay in place to keep bearish trend in play.

EUR/USD 4h Elliott Wave analysis

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