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Elliott Wave Analysis: EURUSD Trading In A Temporary Setback; More Weakness To Follow
EURUSD is higher but we see pair in a corrective rise away from 1.0570 area. Ideally that's wave 2) as part of a downtrend if we consider that pair found a top at 1.0904 back in March after only three waves of recovery from January lows. As such, we will be looking south for a new drop down to 1.0500 area, but it would be nice to see an intraday turn back to 1.0650 to confirm that current rally is finished. Invalidation level is at 1.0904; as long this one holds the trend is down.