EURUSD has completed a bull market correction and may be on the brink of a precipitous move down, says Walter Zimmermann, Senior Technical Analyst at United-ICAP.
Looking at the monthly EURUSD chart (see Chart 1), Zimmermann uses Elliott Wave analysis and labels the 1.0459 to 1.1616 move – from March 2015 to May 2016 – as a completed Wave IV bull market correction. If the 1.0459 support level breaks, he thinks it would be “bombs away to the downside”, with a Wave V move targeting the 0.8719 level and possibly beyond.
See Chart 1.
Read the full report (June 2016 Outlook) including an analysis of:
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