EUR/USD Elliott Wave Forecast - Friday, May 25

EUR/USD Elliott Wave Forecast by ReadyForex.com

EUR/USD Elliott Wave Forecast in 15 Minutes chart

A bearish trend is present in the EUR/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Forecast few hours ago, during my daily Forex Live Trading Room, the price of EUR/USD currency pair is going to drop now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.  A strong key resistance level is present at the 1.1769 price level.

In my opinion, price action in EUR/USD currency pair is now trying to print a Bearish Expanded Flat corrective Elliott wave pattern. So, based on Elliott wave forecast, price action is going to first move sideways to print a bullish leg - wave c. Bullish wave c is going to complete wave iv correction around the 1.1755 price area in coming trading hours.

Next, price action is most likely going to print a top and resume the downtrend which will probably take the market to fall towards 1.1650 price area. As the trend is still bearish, Forex traders should consider only short trades and not trade against the current EUR/USD bearish trend as it is always easy to trade in the favor of market trend. Currently,  a Bearish Expanded Flat pattern looks half finished. A good idea is to look for a possible sell trading chance to join the down trend around the 1.1745 price area.

However, if the price action in EUR/USD Spot Forex pair breaks above 1.1769 important resistance level then the  Bearish Elliott wave forecast will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the EUR/USD currency pair price movement in fifteen minutes chart.

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