EUR/USD Bearish Reversal Challenges Long-term Support Trend Line

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD is testing the long-term support trend line (dark blue). Price will need to break below that support trend line before a potential new downtrend within wave 3 (brown) is possible.

1 hour

The EUR/USD invalidates wave 2 (brown) if price manages to break above the 100% Fibonacci level. A break below support (green) could potentially start bearish waves 3.

USD/JPY

4 hour

The USD/JPY

1 hour

The USD/JPY completed a wave 4 (purple) at the 38.2% Fibonacci level and is now moving higher towards the Fibonacci targets of wave 5 (purple).

GBP/USD

4 hour

The GBP/USD could be building a correction within wave 2 (blue). A bearish breakout below support (green/blue) could see a bearish breakout but a break above the 100% Fib level invalidates wave 2 (blue).

1 hour

The GBP/USD needs to break below support (blue/green) to confirm a potential wave 3 (blue). The Fibonacci levels of wave 2 (blue) could act as resistance.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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