EUR/USD Elliott Wave 
This week the EUR/USD pair was trading upwards, corrective wave A (coloured blue) of the bigger (4) wave (coloured green) was developing. Yesterday during the Asian and European session we could observe strong ascending movement from 1.02983 towards the 1.0311 level and we can consider this movement as the end of the sub-wave (3) (coloured pink) of the corrective wave A (coloured blue). Therefore, during the New York session when the wub-wave (4) had started developing, this major pair retraced back to 1.3087 level. At the moment the EUR/USD pair is trading around 1.0100 level and we expect bearish movement when development of the corrective B wave (coloured blue) starts. In accordance with our wave rules and taking into account that the wave B should retrace 50% of the wave A, we can define the potential targets with measuring wave A with take profit at 1.3062 (50% of wave A). To reduce the risk, we can use resistance at 1.3217 level as stop loss.

Support and Resistance 
(S3) 1.2856 (S2) 1.2910 (S1) 1.3009 (PP) 1.3063 (R1) 1.3162 (R2) 1.3216 (R3) 1.3315

Trading Forecast 
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.3158 with stop loss at 1.3217 and take profit at 1.3062 are recommended.