EURUSD is coming sharply down due to the situation in Ukraine, and it seems that the pair is in an impulsive sell-off headed back to a new low, thus more weakness can follow after rallies until it fully completes a five-wave bearish cycle. We see pair in wave 3 now so an upcoming bounce into wave 4 can stop at 1.1124 resistance. So we will have to be aware of bounce and recovery into a higher degree wave 4 ahead of today’s NFP report.
EUR/USD 4h Elliott Wave anlaysis
