? EUR/USD Expects Bullish Bounce at 1.15 and 50% Fib ?

2 min read

Hi traders,

The EUR/USD continued yesterday with the strong bullish momentum. There is some small space left until price hits a larger resistance trend line (red), which is a key decision zone for bounce or breakout.


4 hour

The EUR/USD is probably building a bullish ABC zigzag pattern (purple) within a larger wave W (pink) correction.

1 hour

The EUR/USD bullish momentum seems to have completed a wave 3 (blue). A shallow and choppy pullback would confirm the potential wave 4 (blue) correction and price could bounce at the Fibonacci levels around 1.15-1.1550 to build a new high within wave 5. A break below the 50% Fib makes a wave 4 less likely.

Good trading,
Chris Svorcik
Elite CurrenSea

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