EUR/USD Elliott Wave Analysis: Bearish Wave (ii)

*** EUR/USD – SHORT TERM ELLIOTT WAVE ANALYSIS ***

The trend is bullish in EUR/USD currency pair, 15 minutes time frame. As I have suggested a few hours ago during my daily Live Trading Room session, the price of EUR/USD pair is going to drop now on a short-term basis to print a corrective bearish Zig Zag wave (ii) pattern and traders should look for a sell trade. Strong key support level is present at 1.1291 price level.

In my judgment, price action in EUR/USD currency pair is now going to drop more to complete the bearish pullback – wave a, b and c Zig Zag leg. Based on Elliott wave analysis, the decline in price action looks like a Bearish Zig Zag Elliott Wave pattern. So, I expect the market to resume the uptrend after completing bearish wave (ii) leg.

Currently, bearish wave (ii) Zig Zag leg looks incomplete. So, first wait outside of the market and allow price action to drop more. Next, look for a possible Long trading chance to join an up-trend. However; if the price of EUR/USD breaks below 1.1291 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/USD fifteen minutes chart.