EUR/USD has reached the -161.8% Fibonacci target (blue box). This confirms the development of a wave 3 (orange) of wave 3 (grey)
The EUR/USD has reached the -161.8% Fibonacci target (blue box). This confirms the development of a wave 3 (orange) of wave 3 (grey) as mentioned in our analysis yesterday.
This article will analyse when to expect a pullback, what kind of retracement and how deep based on the Elliott Wave and Fibonacci patterns.
The EUR/USD is showing a very strong bearish impulse (orange box). The bearish 4 hour candles are mostly bearish, large and dominant in size, and also closing near the candle lows.
Despite the arrow down, price action is eventually expected to build some type of pullback now or with the next lower low:
On the 1 hour chart, the wave 3 (blue) impulse is very impulsive as price action fails to even retrace back to the 21 ema low:
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.