EUR/USD Double Bottom Reversal Chart Pattern at 1.11

Chris Svorcik Elite CurrenSea

Hi traders,

the EUR/USD made a bullish bounce at the previous bottom (blue line), which is indicating a double bottom reversal chart pattern. A continuation of the sideways range pattern seems now more likely.

EUR/USD

4 hour

The EUR/USD seems to be expanding the wave 4 (green) corrective pattern after bouncing at the support line (blue). The bounce indicates the end of a bearish wave X (orange) and the potential start of bullish wave Y (orange). A bullish ABC is likely to take place before price can complete the larger wave 4 (green) pattern. Fibonacci

1 hour

The EUR/USD is building a bullish channel which could be a wave A (dark red) of a potential larger ABC zigzag pattern. A break below the support trend line (blue) indicates the start of a retracement towards the Fibonacci levels of wave B vs A, which could be bouncing spots for a potential larger push up again.

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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