EURUSD - Downside Move Not Yet Complete

The FOMC minutes showed the FED is potentially ready to begin raising interest rates early-mid 2022 and will begin to reduce its balance sheet. This indicates a stronger DXY over the coming days/weeks.

Based on the Elliott wave count, we are expecting a final move to the downside to complete a final 5th wave of a C wave correction.

The RSI has already broken down from its rising trendline support indicating a decline is underway.

The 23% FIB retracement can provide possible targets for the short side.

Let us know your thoughts below.