☝️ EUR/USD Tests Key Resistance Zone for Break or Bounce ☝️

2 min read

Hi traders,

The EUR/USD remains in a downtrend and the current bullish price action could be a pullback as long as price stays below the resistance trend lines.

EUR/USD

4 hour


If the EUR/USD continues with the downtrend, then the next target could be the 78.6% Fibonacci retracement level near 1.14. A break above the resistance trend lines however could indicate a change of wave patterns as a wave B (purple) might still see a larger bullish expansion.

1 hour


The EUR/USD could be completing a bullish ABC (green) pattern within wave 4 (blue) as long as price stays below the 50% Fibonacci retracement level of wave 4 vs 3. A break above this Fib invalidates the wave 4 pattern whereas a break below the support trend line (blue) could indicate a bearish breakout.

Good trading,
Chris Svorcik
Elite CurrenSea

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