EUR/USD Bullish Reversal Keeps Uptrend Hopes Alive

Chris Svorcik Elite CurrenSea

The EUR/USD made a bullish bounce at the 61.8% Fibonacci retracement level of wave 4 vs 3, which could indicate a potential uptrend.

EUR/USD

4 hour

The EUR/USD will need to break above the resistance trend line (red) of the correction before an uptrend is possible. The bullish breakout (green check) should aim for the Fibonacci targets of wave 3 vs 1 with as main target the 161.8% Fibonacci level (red circle). A bearish breakout invalidates (red x) the current wave pattern and wave 4 (blue).

1 hour

The EUR/USD is building a potential wave 3 (green) after the bearish pullback failed to break below the previous support (bottom of wave 1 green). A bullish breakout could confirm (green check) the wave 3 pattern and indicate momentum towards the Fibonacci targets.

The analysis has been done with the CAMMACD.MTF template.

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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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