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EUR/USD Bulls Push Higher within Wave 3 Pattern

By:
Chris Svorcik
Published: Jul 23, 2020, 09:57 UTC

EUR/USD bulls remain strong after pushing above the resistance trend lines (dotted purple). The momentum seems to be a wave 3 (purple).

EUR/USD

In this article:

The EUR/USD bulls remain strong after pushing above the resistance trend lines (dotted purple). The momentum seems to be a wave 3 (purple), which indicates more bullishness after the wave 4 pullback is completed.

1 hour chart

EUR/USD 1 hour chart

The EUR/USD is expected to complete the wave 4 (purple) pullback at the FIbonacci support levels (green box). The wave 4 is usually shallow, but even a retracement towards the bottom of the uptrend channel and 6.8% Fib is possible (blue box). Only a break below the channel and the top of wave 1 plus 144 ema close would invalidate (red x) the bullish outlook.

The EUR/USD bounce at 1.1525-50 could create a push higher to the next target zone at 1.1650. A continuation of the uptrend would aim at targets in the 1.1725-1.18 zone. This is when a larger bearish retracement could emerge.

EUR/USD 1 hour chart

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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About the Author

Chris Svorcikcontributor

Chris Svorcik is co-founder, trader, and analyst with Elite CurrenSea (www.EliteCurrenSea.com) since 2014.

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