EUR/USD Tests Fibonacci Resistance Levels of Wave-4 Pattern

news_22_feb_dollar_usd4 hour

EUR/USD is in a wave 4 (blue) bullish retracement within a larger downtrend and therefore the Fibonacci levels of wave 4 (blue) could act as resistance. A break below the support trend line (blue) could indicate a potential bearish breakout within wave 5 (blue) of wave C (purple).

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The EUR/USD seems to be building an ABC (orange) within a wave 4 (blue) correction. The wave C (orange) could extend to test higher Fibonacci levels if it breaks above the local resistance trend line (orange).

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Origin: Admiral Markets

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