EUR/USD Bullish Momentum Awaiting Pullback to 1.13 Support

Chris Svorcik Elite CurrenSea

Meta description:

EUR/USD has made a strong bullish bounce at the support zone and has also broken above the resistance trend line.

The EUR/USD has made a strong bullish bounce at the support zone (blue box) and has also broken above the resistance trend line (dotted red). The bullish momentum is indicating a potential wave A (blue) of a larger ABC pattern.

EUR/USD

4 hour

The EUR/USD could complete the wave A (blue) at the resistance trend line (orange) and make a bearish bounce for a wave B. Price is then expected to bounce back up again at 1.13-1.1325 support for a wave C which aims for the Fibonacci levels of wave Y vs W.

1 hour

The EUR/USD has either completed a wave 3 (green) or a wave 5, which means that price could make a bearish ABC (red) correction soon. A bullish break indicates that price is still in an extended wave 5 (green) whereas a bearish break could start the wave C (red).

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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