EUR/USD Bears Control Price Action and Aim for 1.10 Support

Chris Svorcik Elite CurrenSea

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.

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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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