? EUR/USD Uptrend Marches Higher and Aims at 1.1250 ?

2 min read

Dear traders,

the EUR/USD bullish breakout above the resistance trend lines (dotted red) has continued and reached the previous top (red line). What is the next expected wave?


4 hour

The EUR/USD seems to have completed an impulsive wave 3 (dark red), which could indicate one more push higher towards the Fibonacci targets of wave 5 vs 1+3. If price makes a pullback, then the Fibonacci retracement levels of wave 4 vs 3 are expected to act as a support for a potential bounce. The current wave outlook is invalidated (red x) if price is able to break below the 61.8% Fib of wave 4 vs 3 and the support trend line (blue).

1 hour

The EUR/USD has completed 5 bullish waves (light green), which could finish a wave 3 (dark red). The current chart pattern looks like a bull flag (blue lines), which could fit the expected wave 4 (dark red) as long as price respects the Fibonacci retracement levels of wave 4 vs 3. A bullish breakout could confirm (green check) the uptrend continuation towards the FIbonacci targets. A break above hte 138.2% Fib of wave X vs W would invalidate the wave X (blue).

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Good trading,
Chris Svorcik
Elite CurrenSea

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