? EUR/USD Continues Downtrend after Wave-3 Breaks Bear Flag ?

2 min read

Hi traders,

The EUR/USD downtrend is continuing lower as expected. The strong bearish momentum is confirming a wave 3 pattern, which could aim for the Fibonacci targets of wave 3 vs 1.

EUR/USD

4 hour

The EUR/USD seems to be in a wave 3 (blue) of wave 3 (purple) at the moment. Eventually a wave 4 retracement should make a shallow pullback, probably after hitting the Fibonacci target.

1 hour

The EUR/USD completed a wave 5 pattern within wave 3 (green), then completed a classical ABC correction within a shallow wave 4 (green), before breaking the support trend line (dotted blue) of the bear flag chart pattern and continuing lower for a wave 5 (orange) of wave 5 (green) within wave 3 (blue).

Good trading,
Chris Svorcik
Elite CurrenSea

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