? EUR/USD Completes Wave-4 but Needs Bear Flag Break ?

Hi traders,

The EUR/USD is probably building a bullish pullback within the downtrend. The Fibonacci retracement levels of wave 4 vs 3 are critical levels of resistance.

EUR/USD

4 hour

A bearish bounce at the Fibs could confirm the wave 4 (blue) pattern and indicate a downtrend continuation towards the Fibonacci targets of wave 5 (blue) of wave 3 (purple). A break above the 61.8% Fibonacci level makes a wave 4 pattern less likely.

1 hour

The EUR/USD seems to have completed an ABC (green) correction within wave 4 (blue). A break below the support trend lines (blue/greens) of the bear flag chart pattern is needed before a bearish breakout and continuation is likely.

Good trading,
Chris Svorcik
Elite CurrenSea