The EUR/USD forecast is currently trading within an ascending channel. This channel consists of three primary waves:

• Wave (W): Represents the beginning of the uptrend.
• Wave (X): Represents a temporary correction to the uptrend.
• Wave (Y): Represents the resumption of the uptrend.

According to Elliott Wave analysis, the EUR/USD pair is expected to resume its downward movement after the completion of wave (Y). The projected target for this decline is the 1.0700 level.

EUR/USD Analysis: Potential Downward Movement

The 4-hour timeframe of the EUR/USD pair suggests that wave (c) of wave (y) of wave (b) has completed, indicating the start of a new bearish trend.

Based on this analysis, the pair is expected to continue declining in the coming hours, targeting the 1.07775 level.