2 August EURUSD Elliott wave analysis

EURUSD has continued the bearish run this week aiming to break below wave (IV) triangle. Will there be a breakout? The following 2 August EURUSD Elliott wave analysis looks at what could happen next.

The bearish impulse wave continued after the 4th wave was confirmed to end at 1.175 with a triangle pattern. Last week, we expected a breakout below the triangle but price rallied back to 1.175 instead to complete a more complex wave (e) of the triangle pattern. This week however, price has resumed downside after the last recovery failed to break above 1.175 important price level. Will the current bearish run lead to a major bearish breakout? The chart below was used in the last update.

Price broke below 1.165 in the early London session today. The next hurdle is the wave (c)-(d) connecting support line before 1.15. I still believe price will break below 1.15 down to 1.13. We might see most of that next week.

The breakout didn’t go as expected after price rallied back to 1.175 as earlier mentioned. With the current price actions, what should we expect next?

2 August EURUSD Elliott wave analysis: what next?

The current bearish move is fast and quick. If there is a break below (b)-(d) base line of the triangle, we will most likely see price at 1.15, 1.13 and 1.11. Unless another fast bullish run happens above 1.175, the bearish run should continue to complete the 5th wave of the year-long bearish impulse wave. Stay tuned for the next update.

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