EURUSD—Monthly chart

A look at the monthly chart supports the EW interpretation on the daily chart. April's low almost touched an uptrend line from 2002 and it looks as though the pair is trying to base. The pair has not moved into oversold as to RSI which would be below 30 so there's still room to do that if the bearish sentiment persists but I think an upmove is more likely before more lows.

Here's the monthly chart:











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