EUR/USD is showing signs of exhaustion near the 1.1475 Fibonacci extension level (127.2%), with a completed five-wave impulse pattern likely followed by an ABC correction.
🔻 Bearish Scenario:
A clear 5-wave Elliott structure suggests a top might be in.
Price is now losing momentum, indicating the start of a corrective move.
If selling continues, 1.12850 will be the first key level to watch.
A break below that could open the door for a deeper correction toward 1.12286.
📉 Momentum Support:
The Detrended Oscillator shows a loss of bullish momentum, aligning with the corrective structure expectation.
🔴 Invalidation:
A break back above 1.1475 would invalidate the bearish count and suggest trend continuation.
This setup favors short opportunities on breakdown confirmation with targets at the next major supports.
🔻 Bearish Scenario:
A clear 5-wave Elliott structure suggests a top might be in.
Price is now losing momentum, indicating the start of a corrective move.
If selling continues, 1.12850 will be the first key level to watch.
A break below that could open the door for a deeper correction toward 1.12286.
📉 Momentum Support:
The Detrended Oscillator shows a loss of bullish momentum, aligning with the corrective structure expectation.
🔴 Invalidation:
A break back above 1.1475 would invalidate the bearish count and suggest trend continuation.
This setup favors short opportunities on breakdown confirmation with targets at the next major supports.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.