e EUR/USD made a clear bullish breakout above the resistance level of the lengthy consolidation zone (purple box) on the daily chart. The daily candle close above the round psychological level of 1.15 wih a close near the high (blue arrow) signals that the bulls remain in control. The EUR/USD made a critical bullish breakout above the key 1.15 resistance zone of the large consolidation area. Price is now aiming at the Fibonacci levels of wave C vs A (blue).
Price is now expected to complete a bullish ABC zigzag pattern (purple) towards the previous top (red zone) at 1.1750-1.18 as long as price stays above the support (purple box) at 1.1450.
1 hourPrice is building an impulsive 5 wave pattern (blue) within wave C (purple). The current retracement is expected to be a wave 4 (blue) as long as price stays above the 50% Fibonacci level. A bullish breakout above the resistance trend line (red) could spark a bullish continuation higher towards 1.16 and later on even to 1.1750.
For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.
Good trading, Chris Svorcik