? EUR/USD Builds Triangle Pattern for Critical Breakout ?

2 min read

Hi traders,

the EUR/USD is challenging the resistance of the downtrend channel. A bullish breakout could indicate the end of wave 3 (green) and the start of wave 4 (green).

EUR/USD

4 hour

A bearish continuation in the downtrend channel could see price make a fall towards the next Fib target at 1.17-1.18 but for the moment, a larger bullish correction seems to be more likely.

1 hour

The EUR/USD seems to have completed 5 bearish waves (light green), which in turn completes another wave 5 of wave 5. However, a bearish breakout below the support trend line (green) could still indicate a trend continuation towards 1.17-1.18 whereas a bullish breakout could indicate a larger correction within wave 4 (green).

Good trading,

Chris Svorcik
Elite CurrenSea
.

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