EURUSD remains under bearish pressure on the 4-hour chart, with the decline extending into the area labeled blue y and purple (b), following the earlier blue w–x corrective sequence. Price is trading near 1.11393 after rebounding from the recent low around 1.11200. The updated Elliott Wave projection anticipates a brief pullback before a renewed advance, suggesting that the decline into purple (b) may have established a corrective low. A recovery above 1.11696 would provide initial confirmation of strengthening bullish momentum, potentially opening the way toward the 1.12000 region indicated by the upward arrow. Conversely, a decline below 1.11200 would weaken the recovery outlook, while 1.11129 remains the chart's marked invalidation level. The projected advance has not yet been confirmed.
Technical Summary of EURUSD for October 29, 2026
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Trend: Bearish, with a bullish corrective recovery projected.
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Current Elliott Wave: Blue y and purple (b) labeled at the recent low; upward correction projected.
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Key Support Levels: Approximately 1.11200; 1.11129.
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Key Resistance Levels: 1.11696; approximately 1.12000.
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Next Price Target: 1.11696, followed by approximately 1.12000.
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Invalidation Level: 1.11129.