HomeContributorsTechnical AnalysisEUR/USD Completes ABC Within Bearish Wave 4

EUR/USD Completes ABC Within Bearish Wave 4

The EUR/USD remains in a bearish mode but a potential reversal zone is nearby.

The EUR/USD could make a bullish reversal at the Fibonacciretracement levels of wave X (pink), which could either complete wave X or a wave A (purple) of X. For the moment a new low seems likely unless price manages to break above the resistance trend lines.

The EUR/USD completed an ABC correction (green) within wave 4 (blue) and has now broken below the support trend line (dotted blue). This could be part of a wave 5 (blue) of a potential wave A (purple), although this wave count depends on whether price bounces at, above or near to the support trend line (green).

admiral
admiralhttps://www.elitecurrensea.com/
Elite CurrenSea Accessible Forex Trading Systems & Education With over 30 years of combined trading experience, we design, test, and provide successful Forex, CFDs & Crypto trading systems and solutions for retail and institutional traders alike.

Featured Analysis

Learn Forex Trading

Thinking in Probabilities

Making use of a Trading Journal

The Four Letter R-Word