EUR/USD has maintained its stability on the top of resistance at 1.1000, so the bearish trendline scenario was still valid while waiting for the pair to resume its negative trades to head toward 1.0750.
So, where Is EUR/USD going?
If we look at the EUR/USD 4-hour timeframe chart, we will see that EUR/USD was trading in a bearish trendline and as expected, any rise would have been considered as a correction.
So, we suggested that the pair ended wave 4 at 1.11214 level, and was supposed to fall to 1.07500, knowing that any surpassing 1.08060 level will confirm the continuation of the bearish trend line.
- Expected trading region is between support 1.1000 and resistance 1.0750
- Expected direction: bearish
Source: Elliott Wave Principle
