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EUR/USD Bearish Breakout Continues in Downtrend Channel

May 09, 2018 10:24

EUR/USD

4 hour

The EUR/USD downtrend continued yesterday with one more lower low within wave 3 (green). The bearish momentum could be aiming at 1.17-1.18 support zone before a larger correction within a wave 4 (green) could take place. Price remains however in a downtrend as long as price stays within the bearish channel and only a bullish breakout above the resistance zone could indicate a bigger retracement.

1 hour

The EUR/USD broke multiple support trend lines (dotted green) as it fell below 1.1850. The current pullback is probably a smaller wave 4 (light green) as long as price stays below the bottom of wave 1 (light green) at 1.1910. A bullish break above this 50% Fib could mean that a different wave pattern is valid whereas a break below support (green) could see price make a bearish breakout and a new low.

Good trading,

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.