Hi traders,
The EUR/USD made a bullish reversal at the 61.8% Fibonacci support level of wave X vs W. This is probably confirming the end of bearish wave X and the start of a new bullish swing.
The EUR/USD will be able to confirm the bullish swing if price manages to break above the next resistance trend line (red), which could confirm an extension within wave B (purple).
The EUR/USD has probably completed an impulsive bullish wave 3 (blue) and is now building a potential wave 4 (blue) as long as price stays above the 61.8% Fib of wave 4 vs 3. A new high could complete the 5 wave pattern (blue) and a larger wave A (purple) within wave Y (pink).
Good trading,
Chris Svorcik
Elite CurrenSea
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