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EUR/USD Bearish Bounce at 1.1750 Creates Fresh Lower Low

May 25, 2018 17:44

EUR/USD

4 hour

The EUR/USD bounced at the resistance trend line (red) as expected in yesterday's wave analysis. The bearish bounce indicated a continuation of the downtrend for a new lower low. Price is now challenging the support trend line which is new bounce or break spot. The trend lines themselves are presenting themselves as a falling wedge chart pattern which is a bullish reversal pattern but only if price manages to break above the resistance trend line (red).

1 hour

The EUR/USD turned at the 61.8% Fibonacci resistance level of wave 4 (green) yesterday. Price then broke below the support trend line (dotted blue), which confirmed a bearish breakout within wave 5 without invaliding the wave 4 correction. Price is now testing a support trend line (green) which is new bounce or break spot.

Chris Svorcik

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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.