? EUR/USD Bears Control Price Action & Aim for 1.10 Support ?

2 min read

Dear traders,

the EUR/USD is showing strong bearish price action after breaking below the support trend lines. Price action looks ready for a decisive breakout below 1.1090.


4 hour

The EUR/USD seems to have completed a wave 4 (orange) after completing a bear flag chart pattern. A break below the support line (green) could confirm (green check) the bearish breakout towards the Fibonacci targets. The main target is the 1.0950-1.10 zone. A breakout above the resistance line (red) could invalidate (red x) the bearish wave outlook.

1 hour

The EUR/USD bullish retracement seems to be a wave 4 (dark red) pullback. The Fibonacci levels are expected to act as resistance levels for a bearish continuation (orange arrows) below the support zone (green check). An expected rally above the 61.8% Fib of wave 4 vs 3 would invalidate (red x) the current wave outlook.

The analysis has been done with SWAT method (simple wave analysis and trading).

For more daily technical and wave analysis and updates, sign-up up to our newsletter.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Notify of