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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.

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.


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