4 hour
The EUR/USD broke the support trend line (dotted blue) of the rising wedge (RW) reversal chart pattern (red/blue). The bearish breakout could be part of a larger reversal, which is reflected in the 1-2 wave count (brown). The alternative scenario would be a bearish retracement within a larger uptrend continuation, which at the moment would require a break above the top.
1 hour
The EUR/USD wave 4 (blue) respected the shallow Fibonacci level of 23.6% before breaking support (dotted blue) and price has reached the 61.8% Fibonacci target of wave 5 (blue). Price could either retrace as part of wave 2 on 4 hour chart or break the bottom and continue with 5 (blue).
Origin: Admiral Markets
