EUR/USD Forecast. Forex Analysis

eur4 hour

The EUR/USD is building a bearish trend channel but price action remains choppy and corrective. This is making a wave 1-2 (pink) pattern more likely and the next potential support zone could be at the 50% Fibonacci level. A break below the bottom (purple box) invalidates this wave pattern.

1 hour

The EUR/USD again broke below the support trend line (dotted green) and fell below 1.18. Price seems to be slowly moving towards the Fibonacci levels of wave 2.

4 hour

1 hour

Origin: Admiral Markets

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