EURUSD Chart Technical Outlook builds an extended corrective structure to the downside
EUR/USD printed a top, breaking the bullish structure to the downside. A lower correction is expected, WXY. Wave W is in play. Prices trade within a diagonal formation, indicating a loss of momentum to the current downside leg. A break above 1.1070 confirms the bottom and opens the door toward 1.1090. If broken, the following barrier would be 1.1130. Supports are located at 1.1025 and 1.0990. The risk-off sentiment supports the downside price action in the pair, eyeing today’s JOLTs data for a fresh catalyst on the jobs situation ahead of this Friday’s NFP.
