EURUSD is turning down nicely as expected, away from the resistance line. Not only that; after yesterday’s bearish close, we see now an “evening star” formation on the daily chart, which is also another bearish structure as shown on the chart below.
EURUSD Daily Chart # Evening Star Pattern
On intraday, we are tracking a very aggressive one-two, one-two bearish count that will send the pair down to 1.1180-1.1200 in the sessions ahead. More importantly, it looks like that EURUSD wants to make an overlap with 1.2300 which will put more weakness in play, as the rally formed at the begining of September would then be a completed in a contra-trend move. We are short on EURUSD with the latest stops at profit zone.
EURUSD 1h Elliott Wave Analysis
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