☝️ EUR/USD Choppy Price Action Tests Key Support Lines ☝️

2 min read

Hi traders,

The EUR/USD bounced at the support zone but the reaction has been mild till now. The support trend lines remain a key decision zone for a bullish bounce or bearish breakout.

EUR/USD

4 hour

The EUR/USD needs to break below the support trend lines (blue) to confirm a potential downtrend and continuation of wave C (purple) or above the resistance trend line (orange) for a larger wave B (purple).

1 hour

The EUR/USD seems to have completed a wave 1-2 (green) for the moment but the price action remains choppy and indecisive. A bullish breakout is probably a wave 3 (green) of wave C (blue) of wave B (purple) whereas a bearish breakout is probably a wave 3 of wave C (purple). The target for the upside are the Fibonacci targets of wave 3 vs 1.
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Good trading,
Chris Svorcik
Elite CurrenSea

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