? EUR/USD Bullish ABC after Bounce at 1.1550? ?

2 min read

Hi traders,

The EUR/USD remains stuck in a triangle chart pattern which is clearly marked by support (blue) and resistance (red) levels. Price is awaiting a breakout but the wave patterns suggest a larger bullish correction for the moment.

EUR/USD

4 hour


The EUR/USD seems to be building a larger WXY (pink) correction but a break below the support trend line (blue) would make this wave pattern less likely.

1 hour


The EUR/USD seems to be building a bullish ABC pattern (blue) after completing a bearish ABC zigzag (blue) yesterday. A break below the 100% Fibonacci level invalidates the bullish ABC whereas a bullish breakout could indicate a larger push up towards the next resistance level (red). The purple boxes indicate a potential inverted head and shoulders pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

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Morris

A longer Daily or weekly chart with Indi’s i.e. RSI, MACD or stocha would be helpful. Tnx