Elliott Wave Analysis: EURUSD Sharply Turning Lower

On the 4h count of EURUSD we see price trading south following a completed zig-zag correction that was in progress since the start of the year. Reversal down is strong and clearly impulsive, thus an important sign of a top in place, meaning a minimum three wave drop is expected to unfold, which should resume after current rally is completed. We see this rally as corrective wave (2) that touched first resistance near 1.0690 but there is room for 1.0740 before bears may step in. Daily close price below 1.0567 will indicate that wave two is finished.