EUR/USD Bears Control Price Action and Aim for 1.10 Support
|The EUR/USD is showing strong bearish price action after breaking below the support trend lines (dotted blue). Price action looks ready for a decisive breakout below 1.1090.
4 hour chart
The EUR/USD seems to have completed a wave 4 (orange) after completing a bear flag chart pattern. A break below the support line (green) could confirm (green check) the bearish breakout towards the Fibonacci targets. The main target is the 1.0950-1.10 zone. A breakout above the resistance line (red) could invalidate (red x) the bearish wave outlook.
1 hour chart
The EUR/USD bullish retracement seems to be a wave 4 (dark red) pullback. The Fibonacci levels are expected to act as resistance levels for a bearish continuation (orange arrows) below the support zone (green check). An expected rally above the 61.8% Fib of wave 4 vs 3 would invalidate (red x) the current wave outlook.
The analysis has been done with the CAMMACD.Core System.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.