? EUR/USD Testing Critical Bottom and Support Zone at 1.1337 ?

2 min read

Hi traders,

The EUR/USD is testing the 100% Fibonacci support level of wave 2 (blue), which is a key decision for the potential wave 2 pattern. A bearish break restarts the downtrend but a bullish bounce could kick off a bullish ABC pattern.

EUR/USD

4 hour


The EUR/USD bearish break also invalidates the current wave 2 (blue) pattern. A bullish reversal would need to break above the resistance trend lines (orange/red).

1 hour


The EUR/USD is now testing the 100% Fibonacci level of wave 2 vs 1. The bearish price action is looking choppy and corrective till now what does fit within the expected wave 2 pattern. A clear bullish impulse pattern would also confirm the bullish trend. A bearish candle below the 100% Fib would have the opposite effect.

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Good trading,
Chris Svorcik
Elite CurrenSea

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