πŸ”₯ EUR/USD Consolidation Zone Prepares for Critical Breakout πŸ”₯

2 min read

Dear traders,

the EUR/USD is in an uptrend but unable to push beyond the 1.1350 resistance (red box). This could increase the chance of a bearish ABC wave pattern.

EUR/USD

4 hours chart

The EUR/USD needs to break below the 21 ema zone and 144 ema close to confirm a bearish wave 3 of wave C (purple). The bearish breakout (orange arrows) could aim for the 38.2% Fibonacci level at 1.11.

The EUR/USD bullish breakout above the resistance could restart the uptrend and aim for the wizz 7 target at 1.1425. The next target is at the round level of 1.15.

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

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Good trading,
Chris Svorcik
Elite CurrenSea

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