EURUSD has seen a sharp reversal lower last week and finished the Friday below trendline support which means that trend can be turning bearish now, especially as the drop looks impulsive. As such we will look for more weakness after a rally in three waves. The first resistance is at 1.1580-1.16 and the second area is at 1.1610-1.1640.
On 4h chart, EURUSD is coming sharply down after the pair stopped at 1.1690/1.17 resistance last week, which was a swing low from March and April. So, it seems that bears are still alive and back in full progress as the rise from 1.1524 was in three waves, plus broken trendline support. This is a very strong bearish pattern, so we favor more weakness now towards 1.1450-1.15, especially after any intraday rallies.
EUR/USD 4h Elliott Wave analysis
