? EUR/USD Retraces to Fibonacci Support Levels of Wave 4 vs 3 ?

2 min read

Hi traders,

The EUR/USD is now approaching again a critical resistance trend line (red) of the triangle chart pattern, which still remains intact and offers a key decision zone for a larger bullish breakout or small bearish bounce.


4 hour

The EUR/USD made a bullish bounce at the support trend line (blue) of the triangle chart pattern, as expected in yesterday’s wave analysis and is probably in a bullish impulsive wave C (blue). A bullish breakout is likely if price manages to break above the resistance trend lines (red/orange).

1 hour

The EUR/USD has either completed an ABC (purple) correction if price stays in the triangle pattern or a 123 (green) impulsive wave pattern if price manages to stay above the support trend line (blue) and Fibonacci levels of wave 4 vs 3. A break below the 61.8% Fibonacci level invalidates the potential wave 4 (green). A break above the resistance trend line (red) indicates a potential bullish breakout.

Good trading,
Chris Svorcik
Elite CurrenSea

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