? EUR/USD Bullish Retracement Back to 38.2% Fib Resistance ?

2 min read

Hi traders,

The EUR/USD bearish breakout is developing a bullish retracement, which could be a pullback within the larger downtrend.

EUR/USD

4 hour


The EUR/USD could continue with the downtrend if it makes a bearish bounce. Strong bullish price action could invalid the bearish continuation.

1 hour


The EUR/USD seems to be building a wave 4 (purple) at the moment. The Fibonacci levels of wave 4 could be resistance spots for a downtrend continuation. A breakout above the 50-61.8% Fib makes a wave 4 pattern less likely. The 1.1450 is a strong support zone due to a 50% Fib from the weekly chart.

Good trading,
Chris Svorcik
Elite CurrenSea

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