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EUR/USD Bearish ABC after Failure to Break Resistance

July 27, 2018 08:57

EUR/USD

4 hour


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

The EUR/USD failed to break the resistance trend line (red) which could indicate a larger correction within wave B (blue). The Fibonacci levels of wave B vs A could act as potential support levels for a bullish bounce and reversal within wave C (blue) of wave W (purple) and wave Y (pink). A break below the 100% Fib invalidates the ABC (blue).

1 hour

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

The EUR/USD broke below the support trend line (dotted blue) and seems to be completing a wave C (orange) zigzag pattern within wave B (blue).

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