✅ EUR/USD Bearish ABC Zigzag in Bullish Wave-2 ✅

3 min read

Hi traders,

the EUR/USD seems to have completed a bearish wave A (purple) after it broke below the support trend line (dotted blue) of the uptrend. A bearish ABC correction is expected as long as price stays above the previous bottom and 100% Fibonacci level of wave 2 vs 1.

EUR/USD

4 hour

The EUR/USD could be a 3 wave correction within the wave B (purple) of the larger zigzag. A break above the 100% Fibonacci of wave B vs A invalidates the bearish ABC (purple) zigzag.

1 hour 

The EUR/USD made a bearish bounce at the resistance trend line (red) which completed the wave 4 (blue) correction before breaking below the uptrend channel. The Fibonacci retracement levels of wave B vs A (purple) are expected to act as resistance points for a bearish bounce and further downside.

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Good trading, Chris Svorcik

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