EURUSD made it`s high at 1.19103 and since then it is still declining to new lows. Today the low was set at 1.16808 and this marks either the end of Wave 1 of 3 or it is a wave b low as shown by the alternate labbels at chart. In both cases the next move is still to the upside. A common target for pullback will be the area at 1.17600 to 1.17849!
As you can see at the chart EURUSD is still bouncing and "fighting" with a thick uptrending line which connects multiple points since the low at ~ 1.03xx at January 2017! This line was touched by serveral times and is important so! Declining to that line would increase the odds that in fact a Major high is still in place and the Pair has a multiple weeks lasting decline ahead!
Trading above 1.18626 would negate the outlook and favor the idea that a top is not already in place!
Have agreat evening
Questions and Comments are welcome!
Note!---> This Analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!