EURUSD Chart Technical Outlook completes a bearish Butterfly formation
EUR Basket – although we continue to grind higher, levels outside of the bearish ending wedge formation continue to attract selling interest. On a break of the trend of higher lows at 593, the measured move target is 573.
Correlation studies offer a mildly bearish bias for EUR/USD.
EUR/USD – the daily chart suggests we are currently trading within the 4th wave of a bearish Elliott wave count (5 waves). The long-term bias remains to the downside. As long as the previous swing low of 1.0877 is not breached, the wave count remains intact.
The intraday chart highlights the completion of a bearish Butterfly formation at yesterday’s swing high of 1.0839. Bespoke resistance is located at 1.0834 and 1.0837. The move lower overnight can also be analyzed as an intraday 4th wave correction (bullish wave count)
Conclusion: the analysis is slightly mixed. Our bespoke resistance levels offer a bearish bias. Selling at 1.0834 (bespoke), targeting 1.0695 (swing low
