Elliott Wave View: EURUSD Can Bounce Soon

Short term Elliott wave view in EURUSD suggests the cycle from December 31, 2019 high is unfolding as an impulse wave. Down from December 31, wave (1) ended at 1.0991 low and the bounce in wave (2) ended at 1.1097 high. The pair continues to the downside and wave (3) is still in progress. Wave 1 of (3) ended at 1.1034 low. The bounce in wave 2 ended at 1.1066 high. From there, pair resumed lower in wave 3 towards 1.0890 low. Wave 4 bounce ended at 1.0926 high. The final wave 5 of (3) remains in progress with internal subdivision of an impulse.

Wave ((i)) of 5 ended at 1.0863 low and the bounce in wave ((ii)) ended at 1.0889 high. From there, it extended lower in wave ((iii)) and ended at 1.0826 low. Wave ((iv)) then ended at 1.0861 high. The pair is extending lower in wave ((v)) of 5 right now and can see a few more push lower to end wave (3). After that, a 3 waves bounce in wave (4) can be seen. However, as far as the pivot at 1.1097 high stays intact, expect the bounce in 3,7, or 11 swing to fail and sellers to appear for more downside.

EURUSD 1 Hour Elliott Wave Chart