? EUR/USD Bearish Channel Retesting Key 1.20 Resistance Zone ?
May 4, 2018
2 min read
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Hi traders,
the EUR/USD is making a slight pause within the downtrend channel prior to the NFP news event later today. Price is now testing a key resistance zone of the channel and local resistance.
EUR/USD
4 hour
A bullish breakout however will probably soon find new resistance spots at the Fibonacci levels of wave 4 (green). A bearish bounce could see price fall towards the Fibonacci targets of wave 3 (blue) whereas a bullish breakout above the 50% Fib could put the downtrend into question.
1 hour
The EUR/USD is hitting multiple resistance levels, which is a new bounce or break spot. Depending on how the NFP event develops, price will either continue with the downtrend or build a larger correction.
Good trading,
Chris Svorcik
Elite CurrenSea
.
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