EURUSD set to turn down, USD has bullish structure – Elliott Wave Analysis

European shares are still under pressure today as Greece’s international bailout program is set to expire, suggesting that the country could default. EUR has recovered nicely and filled the gaps across the board, but we don’t think that it will continue higher.

From a technical perspective we only see a three wave rise on EURUSD in play now which could lift the pair up to around the 1.1300-1.1400 area where wave E) could complete a big triangle formation. As such, we see the current bounce as only temporary and will turn bearish once three waves are done.

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