? EUR/USD Bearish ABC Pattern after Completing Bullish ABC ?
Hi traders,
The EUR/USD seems to have completed a bullish ABC (purple) zigzag pattern within a larger wave W (pink) correction. A bearish correction could price back towards the Fibonacci retracement levels of wave X vs W.
EUR/USD
4 hour
The EUR/USD will probably build an ABC correction within wave X (pink). Price should bounce at the Fib levels if price is going to confirm the WXY correction (pink). A break below the bottom and 100% Fib makes this wave pattern less likely whereas a break above the resistance trend line (red) could indicate a larger bullish push.
1 hour
The EUR/USD expected path of least resistance is indicated by the arrows on the chart. It seems most likely that price will build an ABC within wave X and then bounce at the 61.8% Fibonacci level for a new bullish ABC pattern. A break above the previous top however could indicate that price is building a 12345 pattern rather than an ABC within wave W.
Good trading,
Chris Svorcik
Elite CurrenSea
