EUR/USD Bullish Reversal at 1.15 after Breaking Resistance Line

Lipanj 29, 2018 11:06


4 hour

The EUR/USD bounced strongly at the 1.15 support zone, as indicated in the wave analysis yesterday. The bullish reversal could be part of a larger wave B (pink) correction and price could move up now for an impulsive wave C (pink) in wave B (purple). In any case it seems likely that price is building a lengthy consolidation zone at the moment.

1 hour

The EUR/USD indeed completed a bearish ABC pattern (purple). Price then broke above the resistance trend line (dotted orange) for a bullish breakout towards the wave C (pink) Fibonacci targets. The breakout itself could be a wave 3 if price manages to stay above 1.16.

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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