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EUR/USD Bullish Wave 1-2 within Impulsive ABC Zigzag

July 30, 2018 09:12


4 hour

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

The EUR/USD is testing the support trend line (blue) of the triangle pattern, which is a bounce or break spot. There is also a critical 78.6% Fibonacci level of wave B vs A. A bullish bounce is more likely when taking into account the potential ABC (blue) zigzag pattern. A break below the 100% Fibonacci level invalidates the bullish ABC pattern.

1 hour

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

The EUR/USD seems to have completed 5 bearish waves (orange) as part of bearish wave C (green) of wave B (blue). Price could now be building a wave 1-2 (green) as long as price stays above the 100% Fibonacci level of wave 2 vs 1, otherwise this wave pattern is invalidated.

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