Elliott wave theory, consistently, has shown how other technical methodologies are engulfed in it. Almost all the time, Elliott wave theory knows the immediate and long term direction of any market before other technical systems get the half picture.
The bearishness of Eurusd is expected to continue. Price could dip below the 1.0000 level.
There is a bearish harmonic bat pattern to be completed at 0.9830-50.
The chart below shows what Elliott wave says:
The weekly chart above shows that price is in wave iv of c of a zigzag pattern meant to complete the correction of the impulse wave that started before 2002 when price was below 0.7.
Wave iv of c can be viewed closely in the chart below.
Wave iv is forming a triangle pattern. At the end of the formation, price would be expected to dip below and the next zone to watch out for is 0.9830-50, where the bat will be completed.
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