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EURUSD targets 1.076 to 1.117 as bearish wave structure persists

Action Forex links the near-term downside view to a Fibonacci extension target range and says a break below 1.1324 would reduce the risk of a double correction.

Reported · Written up by our desk · Major Pairs

EURUSD is still seen as working through an incomplete bearish sequence that started from its January 27, 2026 peak, according to technical analysis published by Action Forex.

The outlet defines the next downside target zone using Fibonacci extensions of the January 27 high, placing the range between 1.076 and 1.117.

Action Forex also cites a five-swing decline from the July 2, 2026 high, with the diagonal decline wave completing at 1.139 and a corrective rally topping at 1.146 before the pair resumed lower.

The analysis says the bearish outlook remains active while a pivot near 1.147 holds, and it flags a decisive break below the June 24 low at 1.1324 as the level needed to rule out a double-correction scenario.

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