? EUR/USD Approaches Key Resistance Zone at 1.1750-1.1840 ?
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Hi traders,
The EUR/USD is showing bullish momentum but the overall trend remains down. Price is now approaching a key resistance spot at 1.1750-1.1840, which is critical decision zone.
EUR/USD
4 hour
The EUR/USD has 2 main options: price is either expanding the wave 4 (pink) via a sideways corrective pattern or building a bullish ABC (pink) zigzag as part of a wave B (purple).
1 hour
The EUR/USD broke the previous top for a new higher high. As expected the EUR/USD moved up eventually, despite the bearish trend. The bullish price action however is moving slowly which is hinting at a correction. Price could either be developing a 123 or ABC pattern depending on how price responds to the trend lines. A bullish breakout could see price test the Fibs of wave 3 whereas a bearish breakout could see price test the previous bottom.
Good trading,
Chris Svorcik
Elite CurrenSea
