On EURUSD we can see price sharply dropping since February of 2018 highs, ideally making a bigger three-wave decline. Particularly we see a strong drop in five legs, down from March highs, which are the characteristics of a bearish impulse. An impulse is a five-wave development, that usually indicates the direction of the trend. However, in our case, we believe this bigger three-wave drop since February can be part of a bigger wave 4 correction, which can in the next couple of days or weeks look for support around the 1.1704/1.1610 region, where Fibonacci ratios of 261.8/61.8 can react as a bullish turning point for the pair. That said, if we get a recovery in five minor legs, and above the upper channel line connected from April highs, then this would signal us that maybe wave C) or 3) of an impulse is over, and that a new minimum three-wave recovery is in play, probably towards the 1.1998 level.

EURUSD, 4h

Below we have a bigger picture of the EURUSD, and where we believe the price may go.

EURUSD, Daily