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EUR/USD Bearish Breakout and Wave 5 Challenges 1.1820 Bottom

May 16, 2018 10:39

EUR/USD

4 hour

The EUR/USD reversed at Fibonacci resistance levels of wave 4 (green) and is now challenging the previous bottom (blue line) after a strong bearish break below the support trend lines (dotted green). A bearish breakout could indicate a continuation of the 5th wave (blue) and aim for the 1.1750 round level. This lower low could complete the 3rd wave (purple) and one more lower is possible after a wave consolidation (purple) within the larger wave A (correction). Technically speaking price already broke the previous bottom by 5 pips so a bullish reaction could already indicate the end of wave 5.

1 hour

The EUR/USD seems to have completed a bearish wave 3 and 4 (green) and price is now in a wave 5 which could push lower if it manages to break below the support trend line (blue). A break above the 50% Fib of wave 4 could indicate that the wave 5 is already completed.

Chris Svorcik

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