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EUR/USD Bullish Channel Aims at 1.18 Resistance Zone

July 06, 2018 09:38


4 hour

The EUR/USD is in a small bullish channel which managed to break above a key resistance trend line (dotted green). The bullish breakout could indicate a continuation towards the Fibonacci targets of wave C vs A and the previous top (red box), which could be part of a larger bullish and choppy correction within wave B (light purple).

1 hour

The EUR/USD needs to break above the resistance trend line to continue higher within the bullish channel. A wave 3 is only confirmed if price manages to break above the channel for an impulsive move towards 1.18, which could then be followed by a bullish correction like a bull flag.

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 therisks.