EUR/USD made three legs up from 1.2750 low to 1.3420 which we believe represents a corrective, contra-trend price action within a larger downtrend. We are talking about blue wave (2) which is showing signs of completion around 1.3420 level after sharp decline in the last two weeks which is impulsive move. As such, we expect further weakness in coming days and weeks, ideally back to April low as a first projected target zone on the way down.

Traders, please check our next video on EUR/USD and why we think that pair may fall much lower in the next few days and even weeks.

Forex Analysis by Gregor Horvat at ForexPros. com