EURUSD Chart Technical Outlook moving lower within the corrective ABCD formation
EUR/USD – completed a bullish Elliott Wave count (5 waves) at the 1.0889 swing high. We are now assessed as being within the ABCD corrective formation lower. It is common practice for the CD to have a five-wave count. Using projection analysis this would suggest there is scope for a corrective bounce close to 1.0808. The focus is on the completed Bat formation at 1.0717.
Resistance: 1.0838 (pivot), 1.0866 (this week’s peak), 1.0889 (5th wave)
Support: 1.0808 (projected support), 1.0772 (projected 161.8% and channel base), 1.0717 (Bat)
