EUR/USD forecast: bullish bounce

Dollar1The EUR/USD made a bullish bounce at the 61.8% Fibonacci retracement level and support trend line (green). A break below support could see price fall towards the 78.6% Fibonacci level. A break above resistance (red) could see price move towards Fibonacci targets (Y vs W).

The EUR/USD seems to have completed a bearish wave 5 (orange). A break above the resistance trend line (orange) could indicate the completion of wave X (purple).

EUR/USD, 4 hour

EUR/USD, 1 hour

Origin: Admiral Markets

 

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