EURUSD stabilized after a sharp sell-off from 1.1600 that we see as an extended wave 3) that belongs to the ongoing bearish impulse which may resume after a current rally.
We see the current slow price action as wave 4) that already stopped at the 1.1370 resistance zone, near 38.2%, so it’s ideally a bearish triangle pattern, but there’s a chance for a slightly bigger correction that can retest 1.1430 resistance area.
However, in both cases, price action suggest more weakness at the start of 2022.
EURUSD 4h Elliott Wave Analysis
