? Choppy EUR/USD Prepares for Next Breakout ?

2 min read

Hi traders,

The EUR/USD needs to break the support (blue) or resistance (red) trend line to indicate the direction of the next expected trend.

EUR/USD

4 hour


The EUR/USD bullish trend is confirmed once price manages to break above the resistance trend line (red) and the main targets are the Fibonacci levels of wave B vs A. A bearish breakout could indicate an expanded wave B (purple).

1 hour


The EUR/USD is probably in a wave 1-2 (blue) pattern but price must stay above the 100% Fibonacci level otherwise the pattern is invalidated. A bullish breakout above the resistance trend line (red) could start an impulsive wave 3 (blue) pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

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