? EUR/USD Bullish ABC Zigzag Above 1.13 Support ?

2 min read

Hi traders,

The EUR/USD uptrend channel remains choppy and indecisive but as long as price stays above the previous bottom (green) at 1.13 the long-term outlook remains bullish.


4 hour

The EUR/USD bullish breakout above the channel could confirm a potential wave C (or wave 3) towards the Fibonacci levels of wave Y vs W. A break below the channel could see price challenge the bottom but a bounce would confirm the wave B (purple).

1 hour

The EUR/USD has probably completed a wave B (blue) unless price manages to break above resistance (orange). A bearish break would indicate a retest of the Fibonacci retracement levels of wave B vs A, which could act as a potential support.

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Good trading,
Chris Svorcik
Elite CurrenSea

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