This is my Elliott wave idea about EURUSD. An overview of EURUSD on 1-month chart. I think the wave shown by the blue line is probably a WXY correction wave (Double zigzag). Double Zigzag is a 3 wave structure but wave X connect first Zigzag (A-B-C) and second Zigzag (A-B-C). so, first Zigzag is W wave, second Zigzag is Y wave.
Check out the chart, The sub-wave of the W wave (Blue) is first Zigzag. First Zigzag's sub-wave (B) is the Running triangle. and, The sub-wave of the X wave (Blue) is probably the Triangle.
If the assumption is correct, We are perhaps on sub-wave D (Red line) of the Triangle. 1-week chart An overview of EURUSD on 1-week chart. I think that we are on sub-wave D (Red line) of "wave X" shown on the Blue line. The sub-wave of the sub-wave D is probably a Flat with extended (c).
When the sub-wave D is complete, the trend will switch to an up-trend. If the assumption is correct, The sub-wave D will grow to the levels of 1.14-1.11 (Fibonacci, 61.8-78.6%) . In this scenario, the stop loss level is 1.19.