🏁 EUR/USD Triple Bottom Gives Hope to Reversal Bulls 🏁

2 min read

Dear traders,

the EUR/USD is in a tight 75 pip range for the first time in 2020. The large volatility of this year has been replaced by a triangle pattern and is now waiting for a breakout.

EUR/USD

4 hours chart

The EUR/USD respected the 78.6% Fibonacci support of wave 2 vs 1 for the third time. The triple bottom could increase the odds of a reversal pattern playing out. But a breakout above the resistance trend lines (red) will be needed to confirm (green checks) the reversal.Β 

A break below the bottoms, however, invalidates (red x) the reversal and indicates a downtrend continuation instead. The main target of the upside is the 38.2% Fibonacci level of wave 4 vs 3 whereas the downtrend aims at the round level of 1.05.

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

For more daily technical and wave analysis and updates, sign-up up to our newsletter.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of