EURUSD would complete 5 waves down around 1.1750 mark

EURUSD might be on its way to complete its first impulse wave lower towards 1.1754 mark. It would also confirm further downside, going forward and a top in place around 1.2010. The drop might extend towards 1.1700, before producing a pullback/counter trend rally. EURUSD has carved 5 waves higher from 1.0636 through 1.2010 levels. A general guideline of the Wave Principle is that 5 Waves rally should be ideally followed by a 3 Wave drop. To complete a classic 5-3 pattern, EURUSD is expected to produce a corrective drop towards 1.1100 handle, which is also previous Wave 4 termination.

Remain short for now, stop @ 1.2100 target is open.


Good luck!