Trend is down in four hours time frame of EUR/USD currency pair. Strong key resistance is present at 1.1712 price level. Since yesterday, price is moving sideways. Based on Elliott wave analysis, I expect price to rise up towards 1.1600 price level to complete just a bullish pull back. However; if bullish candlestick closes above 1.1712 resistance level then bearish Elliott wave forecast is going to fail. In such case, I will stay out of the market and re analyze the price action of EUR/USD currency pair.