? EUR/USD Close to Completing Bearish ABC Pattern ?
Hi traders,
The EUR/USD is moving lower and retesting the previous bottom, which is a key bounce or break spot.
EUR/USD
4 hour
The EUR/USD will probably make a bullish bounce at the 61.8 or 78.6% Fibonacci levels if price will indeed confirm a wave B (blue). In that case a move up towards the Fibonacci levels of wave B (purple) could occur. A break below the 100% Fibonacci level however invalidates the potential ABC (blue) pattern.
1 hour
The EUR/USD bearish breakout continued with a wave 123 (orange) and could be building a wave 4 (orange) retracement. The pullback could stop at the Fibonacci levels of wave 4 vs 3 and the target could be the Fib levels wave B vs A (blue).
Good trading,
Chris Svorcik
Elite CurrenSea
