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EUR/USD Bounces at 50% Fibonacci Support of Wave B

June 04, 2018 10:15

EUR/USD

4 hour

EURUSD - 4 hour - 04.06.2018

The EUR/USD is testing a resistance trend line (red) which is key for a bullish breakout and continuation higher within wave X (purple). A break above the 38.2% Fib makes this wave pattern most likely otherwise price could be building a bearish wave 4 which could lead towards a new lower low. A break below the support trend line (blue) and 1.15 round level could indicate an immediate bearish wave 5.

1 hour

EURUSD - 1 hour - 04.06.2018

The EUR/USD seems to have completed an ABC (purple) correction and the Fibonacci levels of wave B are acting as a support zone. Price has turned back upwards at the 50% Fib but a break below the previous bottom (blue line) invalidates the current expected zigzag pattern within wave X (purple). A break above the resistance trend line (red) could also indicate a breakout towards the Fib targets of wave X (purple).

Chris Svorcik

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