On the 15-min chart of EUR USD we see something, which could easily be taken for a five-wave impulse to the downside, followed by a correction to the upside. Furthermore, this wave B retracement is getting close the 61.8% Fibonacci level, which often serves as a resistance.
In terms of the Elliott Wave Principle, this means we should now expect another decline in the face of wave C to lead the EURUSD forex pair below 1.2245. However, considering our bigger picture scenario, wave C should not travel too far to the south.
