? EUR/USD Expands Wave 4 Pattern Within Downtrend ?

2 min read

Hi traders,

The EUR/USD is building a consolidation zone which seems to be part of a wave 4 (blue) correction. The bulls could regain control if price either breaks above the resistance trend lines or if price bounces at the 78.6% Fibonacci support.


4 hour

The EUR/USD is probably building a wave 4-5 within a larger ABC pattern (purple) in wave X (pink).

1 hour

The EUR/USD seems to be expanding the wave 4 (blue) with a WXY (green) correction. Price is likely in a wave 4 as long as price stays below the 50% Fibonacci retracement level of wave 4 vs 3. A bearish break could confirm wave 5 whereas a bullish bounce at the 78.6% Fib could confirm the end of the wave A (purple).

Good trading,
Chris Svorcik
Elite CurrenSea

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