EUR/USD Completes Bearish ABC Correction in Uptrend

Chris Svorcik Elite CurrenSea

The EUR/USD break above the resistance trend line (red) could fuel an impulsive wave 3 (pink/purple) breakout towards the targets at 1.14 and 1.15.

EUR/USD

4 hour

The EUR/USD is using the 21 ema zone as support. If price manages to stay above the support trend line (blue), then a bullish trend continuation is the mostly scenario. In that case, the Fibonacci targets could be in vision as the main levels to aim for.

1 hour

The EUR/USD seems to have completed an ABC correction within wave 4 (blue). As long as price respects the Fibonacci retracement levels of wave 4 vs 3, then a bullish continuation is likely within the wave 3 (purple) momentum.

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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