EUR/USD Tests 50% Fibonacci Resistance at 1.16

Chris Svorcik Elite CurrenSea

Meta description: EUR/USD continued to move higher and is now approaching the 50% Fibonacci retracement level, which is a new bounce or break spot.

EUR/USD

4 hour

The EUR/USD continued to move higher and is now approaching the 50% Fibonacci retracement level, which is a new bounce or break spot.

The EUR/USD break above the 50% Fib could see price move towards the 61.8% whereas a bearish bounce and breakout could see start a retracement.

1 hour

The EUR/USD is probably close to completing a wave 5 (green) of wave A (blue) but a price could extend the wave 5 to higher Fib levels. A break below the channel support line (blue) could see price move lower and test the Fibonaccisupport levels of wave B (blue).

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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