EUR/USD Elliott Wave Forecast: Bearish Impulse Wave

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

The trend is bearish in EUR/USD currency pair, 15 minutes time frame. As I have suggested few hours ago during my daily Live Trading Room session, the price of EUR/USD Forex pair is going to drop now on a short-term basis to print a Bearish Impulse Elliott Wave pattern and traders should look for a sell trade. Strong key resistance level is present at 1.1165 price area.

In my judgment, price action in EUR/USD currency pair is now going to print a bearish wave (v) leg in coming trading hours towards 1.1115 price area. Based on Elliott wave analysis, we have a chance to ride the bearish wave (v) leg which is going to complete the Bearish Impulse wave pattern as well.

Currently, Bearish Impulse wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend and trade the bearish wave (v) leg. However; if the price of EUR/USD currency pair breaks above 1.1165 important resistance level then bearish Elliott wave forecast will become in-valid. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/USD fifteen minutes chart.