? Did EUR/USD Complete 5 Bullish Waves after Dramatic Drop? ?

3 min read

Hi traders,

the EUR/USD is moving higher in a bullish channel and price is now retesting a key resistance zone. The bullish bounce could indicate the end of the wave B (red) and the start of wave C (red) if price manages to break above the resistance levels.

EUR/USD

4 hour

The EUR/USD would turn bearish again if price is able to break below the previous bottom and the support trend line (blue) of the bearish channel. In that case a continuation of the wave C (purple) is still likely to take place.

1 hour 

The EUR/USD seems to have completed 5 bullish waves (purple) within wave 1 (pink) but one more bullish breakout could indicate a continuation towards the Fibonacci targets of wave 5 vs 1+3. A bearish breakout below the channel support could simply be part of a wave 2 (pink) retracement.

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Good trading, Chris Svorcik

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