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EUR/USD Challenges 1.19 Support Zone for Next Bearish Breakout

Svi 08, 2018 11:18

EUR/USD

4 hour

The EUR/USD is unable the break above the resistance lines (orange and red) of the downtrend channel. A bearish continuation could send price lower towards the Fibonacci targets of wave 3 (blue) around 1.17-1.18. A bullish breakout above the resistance zone could indicate a bigger retracement to the Fibonacci levels of wave 4 (green). This could be a reversal spot for a downtrend continuation unless price breaks above the 50% Fib at 1.2150 which would make such a wave 4 less likely.

1 hour

The EUR/USD price action is becoming choppier as price is becoming squeezed in between support and resistance trend lines. A break below the green trend line could indicate a continuation of the downtrend whereas a break above resistance (red) could see price move towards the next resistance zone (orange) and Fibs.

Good trading,

Chris Svorcik

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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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