Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 16 September 2018 at 4:00 PM GMT
The EUR/USD approached the previous top and resistance zone (red lines) but failed to break above it. The bearish bounce indicates that the price is probably building an expanded WXY (blue) pattern within wave B (purple). The price could fall back to the Fibonacci retracement levels of wave B (purple), which is a new bounce or breakout zone.
The EUR/USD completed 5 bullish waves (orange) within wave C (green) pattern. The bearish momentum is probably a wave A (green) of a larger ABC zigzag in wave Y (blue). A pullback could find resistance at the Fibonacci retracement levels of wave B vs A.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.