EUR/USD – Down trend in 4 hours chart

Trend is bearish in 4 hours time frame. Resistance is present at 1.1375 price level. In last few trading days, EUR/USD currency pair is falling down. Based on Elliott wave analysis, price is printing a possible Wave Y bearish leg which is part of a Double Zig Zag pattern.

So, wait for the price to drop more and then look for a possible sell trading chance to join the down trend. However; a bullish break out in price action above 1.1375 critical resistance level is going to fail the bearish market forecast. In this case, I would prefer to stay out of the market and re-analyze the price action.