Why The Euro (EURUSD) Has More Downside Ahead

I like this foldback picture – so believe we have another move lower in the Euro based on this picture.

euro eurusd mirror price moves chart

So, where are we now? What’s next for the Euro?

If we drill down to a 4 hour chart you can see that we completed an A-B-C correction higher last month. And that was followed by a 5 wave move lower (which appears to have negated a higher target. Either way, we should see a little more push higher followed by the beginning of a move lower.

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I’ll be looking to deploy capital on the short side on any further strength. The red shaded area highlights the “risk”.

eurusd euro resistance lower price targets chart

Thanks for reading.

 

Read more from Bart on his blog.

Twitter:  @BartsCharts

Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.