EUR/USD bearish channel aiming at 1.17 and 50-61.8% fibonacci

usd_eur_news_14 hour

The EUR/USD is building a bearish correction as expected. The choppy and corrective price action is making a wave 1-2 (pink) pattern more likely. The bearish channel could take price down lower to the Fibonacci levels of wave 2. A break below the bottom (purple box) invalidates this wave pattern.

1 hour

The EUR/USD broke below the support trend line (dotted green) and fell below 1.18 but is a sturdy pullback. This could be part of a wave B (green) within a larger bearish ABC zigzag.

4 hour

1 hour

Origin: Admiral Markets

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