EUR/USD Forecast: challenges critical 61.8% fibonacci support zone

news_22_feb_3_euro_usd4 hour

The EUR/USD bounced at the 61.8% Fibonacci level of potential wave B (purple). A break above the resistance trend line (orange) would confirm a bullish breakout within wave C of wave X (pink). A break below the support trend line and 78.6% Fibonacci level makes a bullish ABC less likely and price will probably continue lower as part of wave 4 (light purple).

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The EUR/USD broke above the falling wedge (dotted red) and could be building a wave 1-2 if price stays above the 100% Fibonacci level of wave 2 vs 1.

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Origin: Admiral Markets

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