❗️ EUR/USD Testing 78.6% Fibonacci Support at 1.08 ❗️

Dear traders,

the EUR/USD made a bearish breakout below the rising wedge chart pattern after completing a potential leading diagonal in wave 1 (blue). The retracement is now testing the Fibonacci levels of wave 2 vs 1.

EUR/USD

4 hour chart

The EUR/USD made a bullish bounce at the 78.6% Fibonacci retracement level of wave 2 vs 1. This could confirm the development of a wave 1-2 (blue) pattern. The next confirmation (green checks) would take place if price is able to break above the resistance trend line (red). A break below the bottom and 100% Fibonacci support levels invalidates (red x) this bullish outlook.

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea