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EUR/USD Bearish Break and Continuation Expected Below 1.1750

May 24, 2018 10:48

EUR/USD

4 hour

The EUR/USD challenged and broke below the 1.1750 support zone and price continued with the downtrend yesterday. Price would need to break below the support trend line (green) and 1.1675 before a new bearish continuation could be expected whereas a bullish break above the resistance trend line (red) could indicate a larger bullish retracement within wave 4 (pink).

1 hour

The EUR/USD is most likely building a wave 4 (green) correction as long as price stays below the 61.8% Fibonacci retracement level of wave 4 vs 3. A break above the 61.8% and bottom of wave 1 invalidates the current wave patterns. A bearish break below the support trend lines could see a bearish breakout towards the Fibonacci targets of wave 5.

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.