☝️ EUR/USD Bullish Spike Breaks Bearish Channel but Not Range ☝️

2 min read

Hi traders,

The EUR/USD is trying to break above the resistance line (dotted orange) of the downtrend channel but price action is making an extended correction and need to break above the immediate resistance (red) as well before a larger bullish swing can start.


4 hour

The EUR/USD could have completed the wave B (blue) and might be ready for a bullish wave C (blue) if price manages to break above resistance (red) with strong bullish candles. The overall picture remains corrective and choppy but at the moment a larger bullish correction towards Fibonacci retracement levels within waves Y (purple/pink) of wave B (light purple) seems the most probable.

1 hour

The EUR/USD has either made a bullish ABC or could be building a 123 wave pattern. A bullish breakout favours the 123 pattern whereas a bearish break makes the ABC variation more likely.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.
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