EURUSD has been trading sideways with low momentum over the past three weeks, reinforcing the view that a higher degree wave four correction is still unfolding. The lack of directional strength suggests a more complex corrective structure, which may continue to develop over the coming sessions.
At this stage, the correction could evolve into a triangle pattern, although a deeper recovery toward the 1.1670 area cannot be ruled out. Despite this extended consolidation, the broader outlook remains unchanged, as this price action is still considered a pause within a larger impulsive bearish sequence.
EURUSD 4H Chart
Once the corrective phase is complete, we expect the downtrend to resume in the form of a wave five decline. This bearish scenario remains valid as long as the price stays below the 1.1765 level, which continues to act as a key invalidation point.
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