Advertisement
Advertisement

EUR/USD Testing Critical Support on Weekly Chart

By:
Chris Svorcik
Updated: Mar 19, 2020, 10:05 UTC

EUR/USD long-term picture remains mixed. The EUR strength followed by a strong USD comeback leaves both doors open. Let’s review both scenarios.

EUR/USD

In this article:

Dear traders, the EUR/USD long-term picture remains mixed. The EUR strength followed by a strong USD comeback leaves both doors open. Let’s review both scenarios.

Monthly chart

EUR/USD Monthly Chart

The EUR/USD is building bullish reversal or bearish continuation. The reversal is part of a wave C (pink) whereas the continuation seems to be part of a wave 5 (red).

Weekly chart

EUR/USD Weekly Chart

The EUR/USD is either building a bullish reversal (wave 1-2 purple) after completing an ABC (purple) in wave B (pink). Or price action has completed a bullish ABC (orange) within a wave 4 (red). The current volatility leaves both options on the table. Price action will need to either break below the 100% Fib level of wave 2 vs 1 to confirm the downtrend. Or price will need push up and show a new higher low to make the reversal more likely.

EUR/USD Chart

Good trading,

Chris Svorcik

The analysis has been done with the help of SWAT method (simple wave analysis and trading)

For more daily technical and wave analysis and updates, sign-up up to our newsletter

 

About the Author

Chris Svorcikcontributor

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

Did you find this article useful?

Advertisement