![EUR/USD short term rally still expected to fail [Video]](https://i.headtopics.com/images/2023/10/5/fxstreetnews/eur-usd-short-term-rally-still-expected-to-fail-vi-eur-usd-short-term-rally-still-expected-to-fail-vi-B452D2308B0E3AD6289C1A8F40112149.webp)
Short Term Elliott Wave in EUR/USD suggests cycle from 8.30.2023 high is in progress as a 5 waves impulse. Down from 8.30.2023 high, wave ((i)) ended
at 1.063 and rally in wave ) ended at 1.0737 as the 1 hour chart below shows. Pair then extended lower in wave ) with internal subdivision as another 5 waves in lesser degree. Down from wave ), wave ended at 1.0616 and wave ended at 1.0671. The pair extended lower in wave towards 1.0569, wave ended at 1.0609, and wave lower ended at 1.048. This completed wave ) in higher degree. Rally in wave ) ended at 1.0619 with internal subdivision as a zigzag. Up from wave ), wave ended at 1.
Wave higher ended at 1.0619 which completed wave ). Pair has resumed lower in wave ). Down from wave ), wave ended at 1.0447. Wave rally is in progress to correct cycle from 9.29.2023 high. Internal subdivision of wave is unfolding as a double three. Up from wave , wave w ended at 1.053, and pullback in wave x ended at 1.048. Expect wave y of to fail below 1.0619 for the next leg lower. As far as pivot at 1.0619 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
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