? EUR/USD Choppy Bearish Channel Tests Key Support Zone ?

3 min read

The EUR/USD is in a large consolidation zone and price will need to break above the support (green) or resistance (red) levels before a larger momentum push can be expected. For the moment price is in a mild bearish channel and the bearish retracement is either completing a wave 2 (purple) or a wave A of larger bearish ABC (brown).

EUR/USD

4 hour


1 hour

The EUR/USD is building a triangle chart pattern. A bearish break could indicate a continuation of bearish wave 5 (orange/red). A bullish break could start a larger bullish push or a larger bearish ABC correction (brown).

USD/JPY

4 hour

The USD/JPY seems to be building a larger wave 4 correction (blue) unless price manages to break above the shallow Fib levels such as the 38.2-50% Fibs. A bullish break above those levels would change the wave perspective to bullish whereas a break below support (blue) could see a bearish continuation.

1 hour

The USD/JPY seems to be building a bullish push towards the Fib levels of wave C (brown) as long as price stays below the 50% Fib at 107.86.

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