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EUR/USD Breaks Support Line via Wave ABC Pattern

March 09, 2018 09:42

EUR/USD

4 hour



The EUR/USD made a bearish retracement as expected in yesterday's analysis named "EUR/USD Prepares for ABC Zigzag in Bearish Wave 2". A bullish breakout above resistance (red) could start the wave 5 (pink) whereas a break below support makes a downtrend more likely.

1 hour

The EUR/USD is indeed building a bearish correction after completing 5 bullish waves (blue). The bearishness is probably an ABC zigzag (blue) within wave 2 (purple).

GBP/USD

4 hour

Also the GBP/USD is probably creating a wave 1-2 (green) unless price breaks below the bottom of wave 4 (brown). A bullish break above resistance (red) could confirm wave 5 (brown).

1 hour

The GBP/USD is probably building a bearish correction after completing 5 bullish waves (grey). The bearishness is probably an ABC zigzag (grey) within wave 2 (green).

USD/JPY

4 hour


The USD/JPY broke above the resistance trend line (dotted red) and could be building a bullish breakout.

1 hour

The USD/JPY breakout is a potential wave 1 (blue) and any retracement could find support at the Fib levels of wave 2 (blue).

Good trading,

Chris Svorcik

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