EUR/USD Elliott Wave Signals Further Downside as Bearish Pattern Builds

EUR/USD is displaying an incomplete bearish Elliott Wave pattern, suggesting that the current downtrend has further room to develop before reaching a corrective conclusion. Technical analysis reveals the pair is likely in the midst of an impulsive wave structure to the downside, with wave counts indicating additional bearish legs ahead. The pattern suggests that recent corrective bounces represent counter-trend moves within the broader bearish sequence rather than a trend reversal. Key Fibonacci extension levels derived from the wave structure point to lower price targets, with intermediate support zones likely to offer only temporary relief. The 5-wave impulse structure appears incomplete, with analysts identifying the current position within either a third or fifth wave decline. Resistance on corrective rallies is identified at recent swing highs, while projected wave completion targets sit at lower support zones. Traders utilizing Elliott Wave methodology should watch for confirmation of wave boundaries to time entries. The bearish technical outlook aligns with broader USD strength dynamics currently dominating the forex market.