EUR/USD Forecast. Technical Analysis

news_22_feb_4_euro_usd4 hour

EUR/USD is expanding the wave 4 (blue) bullish retracement within the larger downtrend (red line). The Fibonacci levels of wave 4 (blue) could therefore act as a resistance zone. 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 could be building an ABC (orange) zigzag correction within wave 4 (blue) after it broke above the local resistance trend line (dotted orange).

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Origin: Admiral Markets

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