EUR/USD Bearish Momentum Challenges Support Line and Fib

Liepa 18, 2018 11:38

EUR/USD

4 hour

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD Motive Wave

The EUR/USD is challenging the support trend line (blue) and 78.6% Fibonacci level of wave B vs A, which is a key breakout or bounce decision zone. A bearish break below the bottom invalidates the potential ABC (purple) pattern and indicates a new wave count, which will most likely indicate a bearish continuation. A bullish bounce could still confirm the current wave structure.

1 hour


Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD Motive Wave

The EUR/USD seems to have completed 5 bullish waves (blue) as part of a wave A (purple) but the bearish momentum is a lot stronger than expected for a wave B (purple). The ABC zigzag pattern is therefore very vulnerable for a bearish breakout which would also invalidate the current wave pattern.

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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