EUR/USD Remains Glued to Resistance Zone at 1.1730

Chris Svorcik Elite CurrenSea

Meta description:

The EUR/USD made a bearish bounce at the resistance zone which could confirm the expected wave B pattern if price breaks the support line.

EUR/USD

4 hour

The EUR/USD is unable to break above the major resistance zone (red lines) at 1.1730, which is a key bounce or break zone.

The EUR/USD bearish breakout below the support trend line (blue) could see price fall back towards the Fibonacci retracement levels of wave B vs A. A bullish breakout could see price move higher towards 1.18 and 1.20 target areas.

1 hour

The EUR/USD made a bearish bounce at the resistance zone which could confirm the expected wave B (green) pattern. Price however will need to break below the support trend lines before a larger wave C can be expected. A break above the resistance zone (red) could indicate an impulsive uptrend continuation.

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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