10-24-2016 10-15-41 PMTrend is bearish in EUR/USD currency pair, 4 hour time frame. As I have suggested past week during my daily Live trading room session, market is falling down on a short term basis to complete Triple bearish Zig Zag Elliott Wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has descended. Strong key resistance level is present at 1.1040 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in EUR/USD is now going to drop more towards 1.0770 price level to complete a bearish corrective Elliott wave pattern, in coming trading days.

 

Currently; Bearish Triple Zig Zag Pattern looks in-complete and price action offers a possible Sell trade setup to join the down trend. However; if price of EUR/USD currency pair breaks above 1.1040 critical resistance level then I might like to stay out of the market and re-examine the four hour chart of EUR/USD currency pair.

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