❗️ EUR/USD Fails to Break 1.11 After ECB Meeting ❗️

2 min read

Hi traders,

the Euro currency moved up and down impulsively during and after the interest rate decision, monetary policy, and press conference from the European Central Bank (ECB). Ultimately though the EUR/USD failed to break below the double bottom at 1.11.

EUR/USD

4 hour

The EUR/USD bullish bounce at the 1.11 support and double bottom could indicate a failure of the bears to continue with the downtrend. Of course, if a breakout and close below 1.11 occurs today then a continuation towards the next round level at 1.10 is still likely. But for the moment, the bounce could become a larger bullish reversal, especially if price is able to show a new bullish push within a potential wave A (pink).

1 hour 

The EUR/USD could be building a wave 1-2 (purple) pattern as long as price stays above the 100% Fibonacci retracement level of wave 2 vs 1. The 1.11 support remains a key decision zone for a bounce or break.

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Good trading, Chris Svorcik

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