Daily chart of EURUSD shows us a five-wave bullish impulse in the making. Current three-wave decline can be corrective wave 4, with temporary support coming in at Fibonacci ratio of 38.2 and the upper channel base line. If price breaks below this region, then our alternate, bearish count would be in play and we would expect more weakness.
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Many traders are expecting EURUSD to go down due to the big H&S formation while elliot eaves tend to say otherwise. Under such circumstances EU simply tend to range.