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EUR/USD Decision Zone at 61.8% Fibonacci Support

September 07, 2018 09:26

EUR/USD

4 hour

EUR/USD Hourly ChartSource: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave – 7 September 2018 at 4:00 AM GMT

The EUR/USD seems to be building a bullish ABC zigzag (purple). The price will need to break above the resistance trend line (red) before it can confirm the wave C pattern, whereas a break below the support trend line could indicate a deeper wave B (purple), which could test the support zone at 1.15 again.

1 hour

EUR/USD Hourly ChartSource: Admiral Markets MT5 with MT5SE Add-on GBP/USD motive wave – 7 September 2018 at 4:00 AM GMT

The EUR/USD has broken above the resistance trend line (dotted red) but is now moving sideways and is building a chart pattern. The price could be in a wave 4 (green) pattern as long as it stays above the 61.8% Fibonacci support level.

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