EURUSD Rate: EURUSD stood at 1.11969 on the four-hour chart at 8:35 AM New York time, recovering from a new low near 1.11129.
EURUSD Outlook
The previous bearish scenario unfolded as wave (v) completed a five-wave decline, potentially ending the larger wave v. The latest rebound suggests a bullish correction may now develop.
- Wave Structure: Five-wave bearish sequence potentially complete.
- Trendline: Descending wedge, with a possible bullish reversal.
- Support: 1.11500, then 1.11129.
- Resistance: 1.12409, then 1.13000.
A short-term pullback could precede renewed buying pressure toward 1.12409 and potentially 1.13000. A sustained break below 1.11129 would invalidate the proposed completion of wave v.
EURUSD News: The dollar retreated as Treasury yields eased and Fed officials tempered rate-hike expectations, supporting the euro’s recovery. US producer inflation and retail sales are today's key economic releases.