Vladimir Ribakov analyzes EUR/USD as completing a three-wave corrective pattern with downside targets at 1.1400, 1.1200, and 1.1100. He identifies supply zones at 1.1550-1.1580 and 1.1620 that must hold for further declines.
I believe we are under the corrective structure at the end of these 3 waves, and the ideal scenario if the euro dollar can complete its ABCD correction. This demand levels we have here, maybe even below that, so around 114 and then lower around 112, 111 are the legit target levels for the euro dollar. I believe the euro dollar has some more to offer to the downside as long as the recent highs hold. Watch out for these key levels. Broken support becomes resistance. High acts as supply, support acts as a resistance. And of course, this spike zone here with a classical supply. So we are talking about 1.1550-ish up to 1.1580 zone and 1.1620. These are the key levels where I believe as long as they hold, the euro can offer more to the downside.
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