EUR/USD Elliott Wave Analysis: Searches for Support

Technical analysis of Forex market

We can see some choppy and slow price action on FX market ahead of Friday’s NFP report. EURUSD Ideally, there is going to be another and final drop in the next 24 hours and then possible reversal after NFP tomorrow.

As per Elliott Wave analysis, EURUSD is coming down on 4h chart as expected, now out of a minor bear flag that we labeled as wave 4 so looks like the final fifth wave down is now in progress. Technicall, support is at 1.1500/1.1530 area where bears may slow down and RSI is forming bullish divegernce. However, any bullish turn can be confirmed only if we get an impulse back above 1.1640 and 1.1663.

EUR/USD 4h Elliott Wave analysis