? EUR/USD Challenges Key 1.20 Support and 161.8% Fib Target ?
May 2, 2018
2 min read
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Hi traders,
the EUR/USD broke the support trend line (dotted green) and continued within the downtrend channel. Price is now testing the key 1.20 round level which is a new bounce or break spot for the currency pair.
EUR/USD
4 hour
The currency pair however has reached the 161.8% Fibonacci target which is making it more likely that the current bearish momentum is indeed a wave 3 (blue), which would indicate that more downside is possible and likely.
1 hour
The EUR/USD is currently building a wave 4 (brown) correction and price could respect the Fib levels and make a bearish bounce and continuation towards the Fib targets of wave 5 (orange). A break above the 61.8% Fib invalidates the current wave 4.
Good trading,
Chris Svorcik
Elite CurrenSea
.
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