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Elliott Wave View: EURUSD Looking For Support

Short Term Elliott Wave view in EURUSD suggests the decline from May 25 peak is unfolding as a double three Elliott Wave structure. Down from May 25 peak, wave W ended at 1.2102 and bounce in wave X ended at 1.2218. Internal subdivision of wave X unfolded as a zigzag Elliott Wave structure. Up from wave W, wave ((a)) ended at 1.2185 and pullback in wave ((b)) ended at 1.2169. Final leg higher wave ((c)) ended at 1.2218. This completed wave X in higher degree.

Pair has turned lower and broken below wave W at 1.2102, suggesting wave Y is already in progress. Internal of wave Y is unfolding as a double three in lesser degree. Down from wave X, wave (a) ended at 1.214, and bounce in wave (b) ended at 1.2193. Wave (c) ended at 1.209 and this completed wave ((w)) in higher degree. Bounce in wave ((x)) is in progress to correct cycle from June 9 peak before pair turns lower in wave ((y)) of Y. Near term, as far as June 9 pivot at 1.222 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

EURUSD 60 Minutes Elliott Wave Chart

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