EUR/USD First Signal of Large Bullish Correction?

Chris Svorcik Elite CurrenSea

The EUR/USD bullish channel remains unbroken although price action is now approaching a key resistance trend line (red) and decision spot for either a bearish bounce or new bullish breakout.

EUR/USD

4 hour

The strong EUR/USD rebound could indicate the end of wave B (red) and a larger bullish reversal despite the larger downtrend channel that is in play. For the moment a bearish bounce at the resistance trend line (red) near 1.14 and a break below the support (blue) line of the smaller channel seems the mostly scenarion. This could indicate a bearish retracement back to the inverted head and shoulders support level (purple box) at around 1.1250, which in turn could be a bouncing spot for a bullish reversal.

1 hour

The EUR/USD could be building a final wave 4 – 5 (blue) pattern within the bullish push up. A bearish break below the 61.8% Fibonacci , however, could indicate the start of larger bearish retracement. A bullish wave 5 could aim for 1.14 but a break above this level could indicate an extension towards 1.15.

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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