πŸ”“ EUR/USD Aims for Bullish Reversal if Support Holds πŸ”“

3 min read

Hi traders,

the EUR/USD managed to break above the resistance trend line (dotted red) and zone (orange box) after failing to break below the previous bottom (100% level). A bullish continuation could target the 144 ema close (green arrow).

EUR/USD

4 hour

The EUR/USD is likely to make a pullback first (orange arrow) before a larger bullish reversal is able to take place. The invalidation level of the wave 1-2 (purple) pattern remains at the previous bottom and 100% Fibonacci level.

1 hourΒ 

The EUR/USD seems to be showing a sign of impulsive price action. The current wave patterns could be part of a 5 wave (purple) formation as long as the wave 4 correction stays above the top of wave 1. A new high could confirm the end of wave 5 within wave 1 (pink). After that, a pullback could take place within wave 2 (pink).

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Good trading, Chris Svorcik

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