Elliott Wave Analysis: Bears On EURUSD Taking Charge

On the updated count of EURUSD we see price trading south following a completed a zig-zag correction, that was in progress since start of the year. Current reversal is strong and clearly impulsive, thus an important sign of a top in place, meaning a minimum three wave reversal to the downside may start to unfold but ideally that's a start of an impulsive drop in wave five of a higher degree. At the moment we see price trading in the first wave 1), probably in late stages, so let's be aware of correction that may pop up during the process in the next few sessions as wave 2), that may later find resistance around the previous swing low at the 1.0760 level.