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EUR/USD Bearish Momentum Faces Daily 1.15 Support Zone

June 28, 2018 09:48


4 hour

The EUR/USD showed strong bearish momentum yesterday which could indicate a continuation of the downtrend if price manages to break below the previous bottom. In that case, price could be aiming at the weekly 50% Fib at 1.1450. A bullish bounce at support however could also confirm the current ABC (pink) wave pattern.

1 hour

The EUR/USD has either completed a bearish ABC (purple) pattern or is building a bearish 123 (red) wave count. Price is probably a wave 3 if price manages to break below the support trend line (blue) whereas an ABC pattern is more likely if price breaks the resistance trend lines.

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.