EURUSD Bearish Wave C Tests Key 1.16 Support Zone

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USDprice action seems slow and choppy, which is indicating a bearish corrective pattern rather than an impulse. This could confirm the expected WXY (pink) wave pattern and correction that is expected in wave B (purple).

The EUR/USD is now testing a key support zone which is indicated by the blue support trend line and Fibonacci levels of wave X vs W.

1 hour

The EUR/USD is expected to make a bearish breakout to complete the bearish wave C (blue). If price goes beyond the 61.8-78.6% Fibonacci retracement level then a new downtrend is possible as well. Otherwise a correction seems more likely.

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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