? EUR/USD Expands Wave 4 Pattern Within Downtrend ?

2 min read

Hi traders,

The EUR/USD is building a consolidation zone which seems to be part of a wave 4 (blue) correction. The bulls could regain control if price either breaks above the resistance trend lines or if price bounces at the 78.6% Fibonacci support.

EUR/USD

4 hour


The EUR/USD is probably building a wave 4-5 within a larger ABC pattern (purple) in wave X (pink).

1 hour


The EUR/USD seems to be expanding the wave 4 (blue) with a WXY (green) correction. Price is likely in a wave 4 as long as price stays below the 50% Fibonacci retracement level of wave 4 vs 3. A bearish break could confirm wave 5 whereas a bullish bounce at the 78.6% Fib could confirm the end of the wave A (purple).

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X