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EUR/USD Bear Flag Pattern within Wave 4

August 17, 2018 09:35

EUR/USD

4 hour

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

The EUR/USD seems to be making a slow and corrective chart pattern, which is probably a bullish retracement within a wave 4 (blue). This is valid as long as the price stays below the 50% Fibonacci level of wave 4 vs 3. A break above the 50% Fib makes a wave 4 less likely. A break below the support line (blue) of the channel could indicate a bearish breakout towards the Fibonacci targets of wave 5.

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on EUR /USD motive wave

The EUR/USD seems to have completed an ABC (green) correction within wave 4 (blue). A break above the resistance trend line could indicate a larger bullish correction, whereas a bearish break could start the bearish wave 5 (blue).

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