EUR/USD is building a bullish bounce at the 38.2% Fibonacci retracement level, the 1.20 support zone, and the 144 and 233 ema area as expected.
The EUR/USD is building a bullish bounce at the 38.2% Fibonacci retracement level, the 1.20 support zone, and the 144 and 233 ema area as expected in our EUR/USD video analysis.
This article will analyse the main targets for this bullish bounce. We will also take a look when to expect the next bearish price swing.
The EUR/USD seems to have completed a bearish wave A (grey) at the support zone. This occurred after price action completed 5 waves up (grey) within wave A (pink):
On the 1 hour chart, we can see that the uptrend finished at the end of last week when price action broke below the 144 ema. Prior to the break, the 144 ema acted as a strong support zone. With the bearish breakout, a bearish retracement sent price action lower.
On the next 1 hour chart, we focus on the recent price swing and Elliott Wave patterns:
Good trading,
Chris Svorcik
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter
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Chris Svorcik is co-founder, trader, and analyst with Elite CurrenSea (www.EliteCurrenSea.com) since 2014.