Short term Elliott Wave view in $EURUSD suggests decline from 5.31.2022 peak is unfolding as a 5 waves impulse Elliott Wave structure. Down from 5.31.2022 peak, wave 1 ended at 1.0357 and rally in wave 2 ended at 1.0615. The 45 minutes chart below shows the wave 3 lower which subdivided into another 5 waves in lesser degree. Down from wave 2, wave ((i)) ended at 1.0381 and rally in wave ((ii)) ended at 1.0489. Pair then resumes lower in wave ((iii)) towards 0.9998 and rally in wave ((iv)) ended at 1.01019. Final leg lower wave ((v)) ended at 0.9996 which completed wave 3. Rally in wave 4 is in progress with internal subdivision as a zigzag Elliott Wave structure.
Up from wave 3, wave ((a)) ended at 1.0122. While wave ((b)) pullback stays above 0.9996, pair can see another leg higher in wave ((c)) to complete wave 4. Potential area for wave 4 to complete is 100% – 161.8% fibonacci extension of wave ((a)) estimated to be around 1.0137 – 1.0215. Near term, as far as pivot at 1.0489 stays intact, rally should fail in the sequence of 3, 7, or 11 swing for further downside.
