EUR/USD Bearish ABC after Failure to Break Resistance

Liepa 27, 2018 10:57

EUR/USD

4 hour


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

The EUR/USD failed to break the resistance trend line (red) which could indicate a larger correction within wave B (blue). The Fibonacci levels of wave B vs A could act as potential support levels for a bullish bounce and reversal within wave C (blue) of wave W (purple) and wave Y (pink). A break below the 100% Fib invalidates the ABC (blue).

1 hour

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

The EUR/USD broke below the support trend line (dotted blue) and seems to be completing a wave C (orange) zigzag pattern within wave B (blue).

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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