EUR/USD Forecast. Technical Analysis

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The EUR/USD made one more lower low at 1.0660 yesterday, which invalidated the immediate bullish reversal. However, price is still above the long-term trend line (blue), local support (green), and long-term moving average, which favours a wave 4 (green) correction.

A bullish break above resistance (red) would confirm the end of wave 4 and start of wave 5.

1 hour

The EUR/USD seems to have made a wave 4 (brown) extension with wave ABC (orange). Price be again attempting to build a wave 1-2 (purple) as long as price stays above the 100% Fib level. A break above resistance (red) line could see wave 3 start.

Origin: Admiral Markets

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