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EUR/USD Is Testing Critical Support in Uptrend Channel

August 30, 2018 08:52

EUR/USD

4 hour

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

The EUR/USD is testing the support trend line (blue) of the bullish trend channel. A bearish breakout could indicate the end of wave A (purple) and the start of a wave B (purple), whereas a bullish bounce could extend the wave A to a higher high. The zone of resistance confluence at around 1.1750-1.1780 is still active and could stop the price from moving higher.

1 hour

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

The EUR/USD could be in a potential ABC (green) correction if the price breaks below the uptrend channel. A break above the resistance trend line (orange) however, could indicate a bullish breakout towards the Fibonacci targets of wave 5.

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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