? EUR/USD Bullish Break Confirms ABC Wave Pattern ?

2 min read

Hi traders,

The EUR/USD made a bullish breakout above the resistance trend lines (dotted orange) which is confirming the potential AB waves (purple). For the moment a deeper wave B (purple) seems likely.

EUR/USD

4 hour


The EUR/USD is probably building a bearish ABC (purple) pattern within wave X (pink). The Fibonacci retracement levels of wave B vs A are expected to act as resistance levels.

1 hour


The EUR/USD is building a bullish channel. Price could continue higher and test the 50% Fib before making a bearish correction. Price could also retrace sooner at the 38.2% Fib and a break below the channel indicates a bearish correction and could build an inverted head and shoulders pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

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