EUR/USD Elliott Wave technical analysis

Elliott Wave Outlook for EUR/USD

The EUR/USD pair has shown notable movement in recent sessions, and current wave patterns suggest a potential continuation of the broader corrective structure.

On the 4-hour chart, EUR/USD appears to be completing a corrective wave (B) of a larger ABC correction, following a sharp impulse from the 1.0950 region to around 1.0830. The pair is currently trading near 1.0870, and internal structure suggests that we are likely in the final stages of wave (B), possibly unfolding as a zigzag correction.

If this wave count is valid, we can expect wave (C) to initiate soon, potentially driving the pair lower toward the 1.0800 support zone, which aligns with the 61.8% Fibonacci retracement level of the prior impulse leg.

However, a decisive break above 1.0900 would invalidate this short-term bearish outlook and suggest that the correction may have already completed, leading to a continuation of the larger bullish trend.

Key levels to watch:

• Support: 1.0830, 1.0800
• Resistance: 1.0900, 1.0950

Bias: Cautiously bearish in the short-term, watching for confirmation of wave (C) downward.