EURUSD - Is the downtrend back underway?
Well there looks to be an impulsive 5 waves down from the high at 1.1700 on the 4hr chart and a following 3 wave corrective move, so maybe it is!
Price really needs to break below 1.1090 to give more confirmation/signal bearish momentum is back in control in this pair.
If it breaks the low then the 1 times fib expansion is at 1.0833 which is right on the most recent meaningful lows.
Well there looks to be an impulsive 5 waves down from the high at 1.1700 on the 4hr chart and a following 3 wave corrective move, so maybe it is!
Price really needs to break below 1.1090 to give more confirmation/signal bearish momentum is back in control in this pair.
If it breaks the low then the 1 times fib expansion is at 1.0833 which is right on the most recent meaningful lows.