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EUR/USD Bearish Impulse Challenges 1.15 Support Zone

August 06, 2018 09:09

EUR/USD

4 hour


Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

The EUR/USD broke the support trend line (dotted blue) and could either be re-starting the downtrend or extending the bullish correction (pink WXY as indicated in the image). A break below the bottom (blue) of the range at 1.15 could indicate a change in wave patterns: in that case, price has probably completed a wave 4 and is now ready for a bearish wave 5.

1 hour


Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

The EUR/USD has either completed a bearish ABC (blue) zigzag pattern or price is developing an impulsive 5 (green) wave down. A wave 4 (green) is probable as long as price stays below the Fibonacci resistance levels (red box), otherwise a bigger bullish breakout is possible. A bearish breakout could aim for the Fibonacci targets of wave 5 vs 1+3.

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