? EUR/USD at Resistance Line within Falling Wedge Reversal Pattern ?

2 min read

Hi traders,

The EUR/USD is building a falling wedge reversal chart pattern, which could indicate a potential bullish reversal if price manages to break above the resistance trend line and zone.


4 hour

The EUR/USD is at new bounce or break spot. A bullish breakout could indicate the start of a larger wave 4 (pink) correction whereas a bearish bounce could indicate the continuation of the downtrend.

1 hour

The EUR/USD seems to have completed 5 bearish waves (green) which could also indicate the end of wave 5 within wave 3 (pink). A retracement could see price move up towards the Fib levels of wave 4 but price could also bounce at the current resistance and continue lower towards Fib targets of wave 5. This will depend on the candlestick patterns that appear at resistance.

Good trading,
Chris Svorcik
Elite CurrenSea

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