EUR/USD Looks To Slide More
Gregor Horvat | Jan 21, 2022 05:12AM ET
USD and JPY are coming higher as stocks continue to weaken with S&P 500 breaking below 4500. So risk-off may resume which can allow USD to recover even more.
EUR/USD came higher last week after US CPI figures. The pair moved to the upper side of a corrective channel line, to around 1.1490 where bulls slowed down as the market turned with impulsive bearish price action.
We see nice and sharp reversal down and pair already testing the lower trendline support where we expect a breakdown that will make a room for further weakness back to 1.1185.
h2 EUR/USD 4h Elliott Wave Analysis
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