πŸ”₯ EUR/USD False Bearish Breakout or Actual Downtrend? πŸ”₯

2 min read

Hi traders,

The EUR/USD bearish breakout below 1.13 is making a bullish pullback and retesting the broken support zone. This could be a zone for more downside unless price manages to break above the resistance trend line (orange).

EUR/USD

4 hour


The EUR/USD bearish breakout below the support trend line (blue) and 138.2% Fibonacci level of wave X vs W could indicate the continuation of the downtrend.

1 hour


The EUR/USD is a critical decision zone. A bullish breakout could see price move up which would indicate a false bearish breakout below 1.13. The first target is the purple box which is a head and shoulders resistance level. A bearish break of the channel could see price challenge the larger channel support (blue) and a break below that could see price move lower towards the Fib targets within wave 3 (blue).

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Good trading,
Chris Svorcik
Elite CurrenSea

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