EUR/USD Breaks Support Trend Line and Expands Wave 2 Correction

Chris Svorcik Elite CurrenSea

Meta title:EUR/USD builds larger bearish correction

Meta description:The correction is probably part of a larger wave 2 (purple) correction, as long as price stays above the 100% Fibonacci level. A bullish break above resistance (red) could start waves 5.

EUR/USD

4 hour

The EUR/USD broke below the support trend line (dotted blue) which makes a larger bearish correction more likely. The correction is probably part of a larger wave 2 (purple) correction, as long as price stays above the 100% Fibonacci level. A bullish break above resistance (red) could start waves 5.

1 hour

The EUR/USD invalidated the wave 4 (green) pattern and is now probably expanding the wave C (green) within a larger WXY (blue) correction.

GBP/USD

4 hour

The GBP/USD bullish breakout above the long-term resistance trend line (dotted red) is slowing down substantially and building a sideways correction. Price is now testing a key support zone.

1 hour

The GBP/USD is building many ups and downs which could be explained by a potential choppy wave 4 (orange) pattern. A bullish breakout could confirm the continuation of the wave 3 (green).

USD/JPY

4 hour

The USD/JPY is building a lengthy consolidation zone. The price action between the support (blue) and resistance (red) trend lines is showing indecision and requires a breakout before a new trend can emerge.

1 hour

The USD/JPY needs to break the trend lines before the next direction becomes clear.

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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