? EUR/USD Prepares ABC Pattern and Aims for 1.15 Target ?

2 min read

Hi traders,

The EUR/USD made a bearish bounce at the resistance trend line (red) and has fallen towards the support trend line (blue). The bearish price action seems to confirm the end of the bullish swing, which is probably a wave A (purple) unless price manages to break above the resistance trend line (red) and previous top.


4 hour

The EUR/USD will probably continue lower and test the Fibonacci levels of wave B (purple) if price manages to break the support trend line (blue). Price could then fall towards the 1.15 round level and the Fibonacci retracement levels and build a bullish bounce as part of a larger ABC (purple) pattern.

1 hour

According to the wave patterns, it seems likely that the EUR/USD has finished a wave A (purple) and that price is completing a bearish ABC (green) pattern within wave Y (blue) of the larger wave B (purple).

Good trading,
Chris Svorcik
Elite CurrenSea

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