EURUSD's corrective zigzag pattern suggests a potential Elliott Wave support zone at 1.148-1.160, according to the provided analysis. This technical analysis highlights a complex price movement, with the currency pair currently in a wave C decline, following a wave B rally and an initial wave A decline. The key points to note are the resistance zone at 1.168-1.171, where sellers may re-emerge, and the pivot at 1.18, which could determine the future direction of the market. The potential target for wave C is projected using Fibonacci extension, with a target zone of 1.148-1.160, where buyers are expected to appear. This could lead to a new high above the April 17 peak or a larger three-wave rally. However, the bearish sequence is likely to continue as long as the pivot at 1.18 holds, with rallies failing in either three or seven swings. This analysis provides a detailed technical outlook for EURUSD, offering insights into potential price movements and key levels to watch.
