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

July 30, 2018 09:12

EUR/USD

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.

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.


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