? Bearish EUR/USD Breaks Key 1.15 Support and Range ?

2 min read

Hi traders,

The EUR/USD broke below the support of the large consolidation zone (dotted blue). The bearish breakout finally indicates the end of the range and the continuation of the downtrend.

EUR/USD

4 hour


The EUR/USD is probably in a bearish wave 3 (purple), which could extend towards the Fib targets of wave 3 vs 1. A retracement could bounce at the Fib retracement levels of wave 4.

1 hour


The EUR/USD is probably building an extended 3rd wave (blue) within wave 3 (purple). Even within wave 3 (blue), price could be building a 5 wave pattern (green). Any bullish retracement is likely to bounce and turn back down at the Fibonacci levels of wave 4 vs 3.

Good trading,
Chris Svorcik
Elite CurrenSea

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