πŸ”₯ EUR/USD Uptrend to Continue at 1.10 Support Zone πŸ”₯

2 min read

Dear traders,

the EUR/USD is building a bullish channel after a large bearish decline. What is the next expected price swing within the roller coaster ride of 2020?

EUR/USD

4 hour chart

The EUR/USD bearish swing could have completed a wave 5 (purple) of a larger wave 3 or wave A. The current bullish price swing could therefore be a wave 4 (pink) or wave B. If that is true, then more bullishness is expected. The next swing could complete wave 5 (blue) of a larger ABC (purple) correction. This becomes invalidated (red x) if price breaks below the 61.8% Fib. But if price bounces at the Fib levels, then there is a good chance that price will reach the 38.2% Fib of wave 4 vs 3.

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

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Good trading,
Chris Svorcik
Elite CurrenSea

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