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EUR/USD Breakout Direction Will Determine Wave Pattern

August 07, 2018 08:48

EUR/USD

4 hour


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

The EUR/USD is testing a critical support trend line (blue) which is decision zone for a continuation of the downtrend or extension of the bullish correction (pink WXY as indicated in the image). A bullish bounce confirms the current wave pattern whereas a bearish break below 1.15 support makes a different wave pattern more likely (a completed wave 4 and bearish wave 5).

1 hour


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

The EUR/USD made a new low as part of a wave 5 (green), which could either complete a larger wave 3 or wave C (blue). A bullish breakout above the resistance (red) trend line makes the current wave pattern more likely, which is a wave C of wave Y of X. A break below the 100% Fibonacci target makes a wave 5 of a wave 3 more likely.

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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