? EUR/USD Bearish Reversal After Failure to Break above 1.18 ?

2 min read

Hi trader,

The EUR/USD broke below the support trend lines (green/blue) which is indicating a larger bearish breakout. The uptrend failed to break the resistance lines and price is now showing potential for a larger reversal.

EUR/USD

4 hour


The EUR/USD bearish breakout could indicate the end of the wave W (pink) and the start of the wave X (pink). The main targets are probably the 50-61.8% Fibonacci levels around 1.15 and 1.550.

1 hour


The EUR/USD failed to break resistance and instead broke below the support zone. This makes it likely that price is not in a bullish wave pattern but in a bearish 123 (blue).

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of