EUR/USD: Bearish Cycles Remains In Play

The EUR/USD reversed slightly higher on Thursday from 1.2840 support but not for long. Recovery found resistance very soon, so it was probably just a fourth wave within larger wave 3 down.

Our bias remains unchanged and we are looking for a weaker EUR/USD, towards 1.2800 as a next projected target, where we could see a temporary low and a wave 4 pull-back. Short-term critical level is at 1.2935, as wave four must not trade into the territory of a wave one.