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EUR/USD Bearish Breakout Continues in Downtrend Channel

May 09, 2018 10:24


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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