4 hour
The EUR/USD is retracing back up after breaking below the long-term support trend line (dotted blue). Price will need to break below the bottom at 1.11 before a potential wave 3 becomes likely.
At this point a break, pullback and continuation seems the most probable scenario, which is why a wave 1 and 2 (brown) is indicated on the chart.
1 hour
The EUR/USD is showing divergence between the bottoms which could cause a wave 2 (brown) retracement via an ABC zigzag (blue). Price invalidates wave 2 (brown) if price manages to break above the 100% Fibonacci level. A break below support (green) could indicate a continuation of the bearish trend.
Origin: Admiral Markets
