EURUSD Analysis is front and center today as traders prepare for the Federal Reserve’s interest rate decision and Jerome Powell’s highly anticipated press conference.

With the EURUSD price under sustained pressure, the Elliott Wave structure points to further downside in the coming days.

EURUSD Elliott Wave Structure Shows Bearish Momentum

The 4-hour EURUSD Elliott Wave chart illustrates that wave (b) completed near 1.1830, followed by a five-wave impulse lower.

The market topped at 1.17888 in wave ii, and is now extending into wave iii. Currently, wave 4 appears to be forming, and a short-term correction toward the 38.2% retracement level near 1.1600 is expected before a final wave 5 drop targets levels below 1.1450.

Fundamental Risk: Fed Decision & Powell’s Tone

Today’s EURUSD forecast depends heavily on the Fed’s tone.

If Powell reinforces a “higher for longer” interest rate stance even without a hike the US Dollar could gain strength.

This would validate the bearish wave count and accelerate downside momentum in EURUSD price action.

Trade Setup & Technical Outlook

The 1.1600 level is a key resistance zone to watch for bearish rejections.

Short entries could align with the beginning of wave 5 within wave iii.

For traders using Elliott Wave theory or price action strategies, the alignment of technical and fundamental signals offers a high-probability short setup.

Whether you’re day trading or swing trading, this EURUSD analysis offers a detailed roadmap to navigate today’s high-impact event.