EUR/USD Completing ABC Flat Pattern in Wave 4

The EUR/USD is breaking above the critical 21 ema zone. This occurred after a double bottom (green box) and within a super strong uptrend. What’s next?

Price Charts and Technical Analysis

The EUR/USD is expected to continue with the uptrend. Especially now that price action seems to have completed an ABC (orange) within the wave 4 (purple). The uptrend remains very strong when reviewing the angle of the long-term moving averages and the distance between them.

A bearish pullback remains possible. But price action is expected to bounce and continue higher. This remains valid as long as price action remains above the 144 ema. Only a break below 1.16 would make the bullish outlook less certain (red x). The main upside target is aiming at 1.20 round level.

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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