EU Weekly Update 02.05-06.05

I believe that the pair is going to correct the sharp down move. On higher time frame EU is dropping a long time without correction.

EU already have cleared the sell side liquidity from the previous low. On Elliot wave prospective the pair made wave 5 and reached the targets (wave5=wave1 and Fibonacci confluence ).

USD already had a bad economic news and next week I expect more, if these will be enough to to cause a correction will see.

In short term I expect next week from pair to drop again at least to the previous low or even more to clear the short term sell side liquidity and reverse.

Be very cautious with this pair, because the EURO is very weak right now.