Advertisement
Advertisement

EUR/USD Uptrend to Continue at 1.10 Support Zone

By:
Chris Svorcik
Published: Mar 31, 2020, 06:44 GMT+00:00

EUR/USD is building a bullish channel after a large bearish decline. What is the next expected price swing within the roller coaster ride of 2020?

EUR/USD Uptrend to Continue at 1.10 Support Zone

Dear traders, the EUR/USD is building a bullish channel after a large bearish decline. What is the next expected price swing within the roller coaster ride of 2020?

4 hour chart

EUR/USD 4 hour chart

The EUR/USD bearish swing could have completed a wave 5 (purple) of a larger wave 3 or wave A. The current bullish price swing could therefore be a wave 4 (pink) or wave B. If that is true, then more bullishness is expected. The next swing could complete wave 5 (blue) of a larger ABC (purple) correction. This becomes invalidated (red x) if price breaks below the 61.8% Fib. But if price bounces at the Fib levels, then there is a good chance that price will reach the 38.2% Fib of wave 4 vs 3.

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.

Advertisement