EUR/USD Testing 88.6% Fib of Bullish ABC Pattern
|EUR/USD
4 hour
The EUR/USD is testing the previous bottom and key Fibonacci support levels for a key break or bounce decision.
The EUR/USD is expected to make a bullish bounce and reversal above the 100% Fibonacci level and previous bottom if price is indeed building a bullish ABC (blue) zigzag pattern. The break above the resistance trend line (red) could indicate a bullish breakout.
1 hour
The EUR/USD seems to have completed 5 bearish waves at the 88.6%Fibonacciretracement level of wave B vs A (blue) but a break above the resistance is needed to confirm that. A break below the bottom invalidates this bullish ABC (blue) wave pattern.
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