Hi traders,
the EUR/USD is challenging the resistance of the downtrend channel. A bullish breakout could indicate the end of wave 3 (green) and the start of wave 4 (green).
A bearish continuation in the downtrend channel could see price make a fall towards the next Fib target at 1.17-1.18 but for the moment, a larger bullish correction seems to be more likely.
The EUR/USD seems to have completed 5 bearish waves (light green), which in turn completes another wave 5 of wave 5. However, a bearish breakout below the support trend line (green) could still indicate a trend continuation towards 1.17-1.18 whereas a bullish breakout could indicate a larger correction within wave 4 (green).
Good trading,
Chris Svorcik
Elite CurrenSea
.
Leave a Reply