EURUSD fell sharply lower in the last two weeks with accelerating price action, confirming a continuation of a downtrend. We see a huge possibility for wave (3) in progress, which is part of a big five wave move within wave V which began unfolding at the end of September, away from 1.1700. Based on the current strong bearish momentum, we may see an extension towards the 1.0400-1.0500 area this year, where we see Fibonacci levels for wave (3). For now the invalidation level remains at 1.1500; as long as it will hold the trend is down.
EURUSD, Daily
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