? EUR/USD Builds Wave 4 Pullback Towards 50% Fib at 1.11 ?

2 min read

Dear traders,

the EUR/USD made a deep bullish retracement towards the 50% Fibonacci, which could be part of the wave 4 as expected last week. Will the EUR/USD make a bounce?


4 hour

The EUR/USD must bounce at the 50% Fib and 1.11 resistance spot to confirm the wave 4 (green) pattern because a push above 1.1125 invalidates (red x) it. A confirmation (green check) is the bounce and breakout below the support trend line (blue). The main target zone is the 1.0950-75 support levels.

1 hour

The EUR/USD seems to have completed a bullish ABC (orange) pattern in wave 4 (green). But price will need to show a lower low and lower high to confirm a bearish reversal. Another high could still be a wave 5 of wave C (orange) as long as price stays below 1.1125. A break below the 21 ema zone could be a first confirmation (green check) of a bearish reversal whereas a break below the support line (blue) could finalize it (green check).

The analysis has been done with SWAT method (simple wave analysis and trading).

For more daily technical and wave analysis and updates, sign-up up to our newsletter.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Notify of