Today we have the ECB press conference on schedule, which will definitely rock the market, especially, EUR, Bunds and DAX, as some investors expect new hits from Draghi regarding the QE program.
As a technical analyst, I believe in price action more than anything! On EURUSD, I see minor three waves down from 1.1330 but a current slow downward price action can still be wave (b) as part of an incomplete recovery. Ideally, we will see the price spike above 1.1330 and then a sharp reversal down, later today. I would be considering shorts if the pair will fall down in an impulsive fashion from around 1.1400.
Today’s close beneath 1.1150 would suggest that the correction is already complete.
EURUSD 1h Elliott Wave Analysis
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