❗️ EUR/USD Decision Zone at Channel Bottom at 1.1370 ❗️

3 min read

Hi traders,

the EUR/USD made a bullish breakout and is retracing back to the broken zone (blue box) as expected. This support area is a new decision zone for a bullish bounce and continuation or a bearish breakout below the uptrend channel.

EUR/USD

4 hour

The EUR/USD is now at the bottom of the uptrend channel and a bullish continuation (check 1 hour chart) could see price move towards the top of the channel and even towards the Fibonacci targets of wave Y vs W. However, a bearish breakout below the channel and support zone (blue box) could indicate a bearish retracement.

1 hour 

The EUR/USD seems to have made a bearish ABC (green) correction as part of wave 4 (brown) if price is able to break above local resistance (orange).

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Good trading, Chris Svorcik

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