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EUR/USD Builds ABC Correction Back to 50% Fibonacci

June 19, 2018 08:50

EUR/USD

4 hour


The EUR/USD seems to have completed a wave 4 (pink) correction after building a bearish turn at a 38.2% Fib resistance zone. Price is now building a potential 5th wave within wave A (purple) if price is able to break the support trend lines. The main target is 1.1450 due to the presence of a 50% Fibonacci retracement level on the weekly chart.

1 hour

The EUR/USD seems to be building an ABC correction within wave 4 (purple) at the moment. The Fibonacci levels of wave 4 are potential resistance spots which could indicate a downtrend continuation but a breakout above the 50-61.8% Fib makes a wave 4 pattern less likely.

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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.