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EUR/USD Breaks Support and Aims for Fibs at 1.15

September 10, 2018 09:22

EUR/USD

4 hour

EUR/USD 4 Hour Daily ChartSource: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 10 September 2018 at 4:00 AM GMT

The EUR/USD failed to break above the resistance trend line (red) and instead broke below the support trend line (dotted blue). This indicates the potential for a deeper wave B (purple), which will probably test the 61.8% Fibonacci retracement level of wave B vs A and the support zone around the round level of 1.15.

1 hour

EUR/USD 1 Hour Daily ChartSource: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 10 September 2018 at 4:00 AM GMT

The EUR/USD could be building a bearish wave 5 (orange) within a wave C (green). The price is expected to move lower and challenge the Fibonacci levels of wave Y (blue), which in turn could become potential bouncing spots if the zone acts as support.

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