? EUR/USD Downtrend Breaks 1.20 Support for Bearish Continuation ?
Hi traders,
the EUR/USD downtrend channel managed to break below the round level of 1.20. Price could now use the resistance line of the bearish channel for a continuation.
EUR/USD
4 hour
A bearish bounce could see price fall towards the Fibonacci targets of wave 3 (green) whereas a bullish breakout could indicate a bigger retracement.
1 hour
The EUR/USD could extend the bearish wave 3 (green) towards the Fib targets if price stays in the bearish channel. A break above the channel could see price move towards the retracement levels of wave 4 (green). A break above the 50% Fib of wave would make this wave pattern less likely.
Good trading,
Chris Svorcik
Elite CurrenSea
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