EUR/USD: Bearish view for minimum three legs down

May 21, 2015

Gregor Horvat of EW-Forecast, maintains a bearish outlook on EUR/USD, noting that Elliott wave analysis suggests the pair has further downside potential.

Key Quotes

“EURUSD is turning lower this week, now trading well beneath the trendline connected from 1.0523 low which means that five wave rally is complete, especially as current decline is sharp and impulsive. We see it as first leg of a minimum three legs down, so it can be either wave 1) or A) from the highs, but more weakness should follow after wave 2)/B) rally.” 

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