EURUSD Trading In A Temporary Correction; More Weakness In View

EURUSD made a strong and sharp reversal away from 1.1295 level where we labeled top for a higher degree wave C. As such recent break lower could suggest that bulls are completed and that bears are taking over. If that is the case, then even more weakness may unfold on the pair. On that note, we see current intra-day activity as an unfolding corrective move, that can find its resistance and a potential turning point lower around the area of the previous wave 4 at 1.1228 and near the Fibonacci ratios of 38.2/61.8.
A five wave fall will later suggest that recovery is completed and more weakness is in play.


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