10 July EURUSD Elliott wave analysis

EURUSD is dropping below a reversal zone. Will price drop further? The following 10 July EURUSD Elliott wave analysis looks at the technical forecast of EURUSD based on Elliott wave theory.

EURUSD could be on its way down this week and next week after it completed an important reversal pattern at a reversal zone. The reversal zone of 1.1794-1.1737 was set in the last update. Price rallied close to 1.1794 before dropping below 1.1737 in the early London session. Price might continue further to break below 1.172 intraday support level. In the last update, the chart below was used.

Price has rallied to the reversal zone. This zone seems to be the last chance for the bears to take control again. If price drops below 1.172, we might see a major break below 1.15 down to 1.11 target. The USD is bearish at the moment and only a much weaker EUR would send price downside and one wonders what would make this happen. On the other hand, a rally above 1.1794 could eventually lead to a break above 1.185 as the Dollar probably weakens further. If this happens, we might have already seen the impulse wave ended with a truncated diagonal 5th at 1.15. 

10 July EURUSD Elliott wave analysis: what next?

Price is getting below 1.172 and might continue to 1.16 this week. Unless a fast break above 1.1794 is seen, the bearish trend should resume toward 1.16. If price breaks below the channel, we will likely see 1.15 taken out as the bearish trend continues to 1.11 target. Stay tuned for the next update.

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