1D chart, pair had a bullish trend
from December 2015 until May 2016 ( around 152
days), then started an Elliot
Correction Wave A-B-C. This correction wave is still in-progress now. From chart, in my opinion 0-A wave down has been completed, back upwards to make A-B wave. It appears that last wave downwards has started a couple of days ago. I think last B-C wave, will separate into its own smaller ( Elliot
Impulse Wave 1-5 downwards), into next month. This Elliot
Correction Wave A-B-C will last around half amount of day of uptrend, which was 152
days, so around 76 days. This will set up pair to continue downtrend into mid-July 2016, where major EURUSD
daily support on daily chart
, is around 1.08617.
This is daily pair, major trend is bearish
, but as always when trading trade with your eyes and brain. It is price action on shorter time frames, which will keep you trading with current TREND. Always, money management. Good Luck.