EURUSD has been in a strong bear trend for the last three weeks, which is looking impulsive on the 4h chart, so we believe that big consolidation since 2015 was a triangle in wave IV, now completed at 1.1300. As such, we are looking lower into wave V, which has completed its first impulsive wave as wave 1-circled, followed by a three wave A)-B)-C) correction towards the at 1.0876 level, labeled as wave 2.
At the moment we can see the price trading lower around the 1.0441 level after a top for the minor red wave 2) had been found following Janet Yellen's speech. We can now say that more weakness may follow in days ahead within impulsive wave 3-circled; ideally towards the 161.8 Fibonacci ratio, where bears can again slow down for a temporary correction into wave 4).
EURUSD, 4H
EURUSD, Daily
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