Due to the NFP figures later today, the wave count is vulnerable to change. The current wave count is expecting a wave 5 (blue) to complete at for instance the 61.8% Fibonacci target which is equal to the 261.8% target of wave 3 (orange).
Due to the interest rate announcement on the Euro later today, the wave count is vulnerable to change. Price bounced off of the bottom of the downtrend channel yesterday and seems to have completed waves 5 (light blue & magenta).
The EURUSD keeps pushing lower within a neat downtrend channel (blue lines) although price is slightly consolidating at the support level (green) at 1.2660.
60 min EURUSD:
The EURUSD consolidation could be part of a wave 4 (red). These corrections usually do