4 hour
The EUR/USD is challenging a resistance trend line (orange). A bullish breakout could see price challenge the larger resistance (red) but it remains unclear whether price is in a wave 5 or in an expanded wave 4 at the moment. The 1-hour chart however could provide more guidance about that aspect.
1 hour
The EUR/USD has retraced back to the 50% Fibonacci level of wave 4 (pink). Price could be ready for a bullish continuation as long as price stays above the 61.8% Fibonacci level. A continuation of the wave 5 would indicate a long-term bullish signal as it completes 5 waves within a larger potential wave 1. A break below 1.18 however could indicate that the wave 4 (purple) is still intact and price could bounce again at the previous bottom around 1.17.
4 hour
1 hour
Origin: Admiral Markets
