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EUR/USD Bearish Reversal at 1.20 Fibonacci Resistance Levels

Written by By Chris Svorcik | 2018-05-15 06:49:06 GMT

 

EUR/USD

4hour

EURUSD

The EUR/USD respected and reversed at Fibonacci resistance levels of wave 4 (green). The uptrend channel ran out of steam and is now building a bearish turn. Price is now testing the support trend line (green) of the uptrend channel and a bearish breakout could indicate a continuation of the 5th wave (blue). The main target is probably 1.1750 whereas a break above the 50% Fib at 1.2118 makes the current wave 4 less likely.

1 hour  

EURUSD

The EUR/USD seems to have completed a rising wedge chart pattern and larger WXY (orange) correction.Price is now trying to build a bearish breakout which could be a wave 5 (orange) of wave 1 (green). In that case, there could be a bullish retracement in wave 2 before a bearish continuation within wave 5 (orange) takes place.

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By Chris Svorcik
hotforex

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