HomeContributorsTechnical AnalysisEUR/USD Reaches Bearish Wave 3 Target At 1.1750

EUR/USD Reaches Bearish Wave 3 Target At 1.1750

The EUR/USD broke below the previous bottom (dotted blue line) and made a new lower low. The bearish breakout managed to reach the quarter level of 1.1750, which could be the main target for the wave 3 (purple). Price can sometimes extend further and hence it is possible that price could reach the next Fibonacci target as well but a break below 1.1750 support is needed. Otherwise it seems more likely that a wave 4 (purple) correction will take place

The EUR/USD seems to have completed a bearish wave 5 (green) and price could be building a bullish correction within wave 4 (purple) of the 4 hour chart. A bullish break above the resistance trend line (red) could indicate that larger retracement whereas a break below 1.1750 could see an extension of the bearish trend, although slower and more corrective.

admiral
admiralhttps://www.elitecurrensea.com/
Elite CurrenSea Accessible Forex Trading Systems & Education With over 30 years of combined trading experience, we design, test, and provide successful Forex, CFDs & Crypto trading systems and solutions for retail and institutional traders alike.

Featured Analysis

Learn Forex Trading