EURUSD Longer Term Perspective | Elliott Wave | Jeremy Wagner

Here's a longer-term view on EURUSD . Depending on how you draw the resistance trend line over the past 12 years, this line crosses in price between now and 1.20.

The 61.8% fibonacci retracement of the 2018 down trend comes into play in the 1.17-1.20 zone. The higher probability Elliott Wave count in my opinion is that EURUSD finds resistance nearby, then dips to new lows below 1.06 in a third wave lower. This 3rd wave lower would be a motive wave. This view is valid so long as EURUSD holds below 1.25.