EUR/USD Elliott Wave   
For the last few days the EUR/USD pair is trading downwards, impulsive wave 3 (coloured blue) of the bigger wave (3) (coloured green) has started developing. During the Tuesday's Asian session we could observe ascending movement from 1.2974 towards 1.3027 level and we can consider this move as the end of the corrective wave C (colored red) of the bigger wave 2 (coloured blue). Therefore, during the European and New York session when developing of the 3 wave (coloured blue) starts this major currency has dropped to the new low at 1.2914 level. Today the EUR/USD pair is trading around 1.2882 area and we expect to see the continuation of the bearish movement for the next few days. In accordance with our wave rules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2771 (100% of wave 1). To reduce the risk, we can use resistance point at 1.2950 level as stop loss.
Support and Resistance
(S3) 1.2764 (S2) 1.2838 (S1) 1.2880 (PP) 1.2954 (R1) 1.2996 (R2) 1.3070 (R3) 1.3112
Trading forecast 
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why short  positions at level 1.2880 with stop loss at 1.2950 and take profit at 1.2771  are recommended.