4 hour
The EUR/USD bearish breakout fell towards the Fibonacci levels of wave 4 vs 3 (blue) and has arrived at the 50-61.8% support zone. A break below the support trend line (blue) and 61.8% Fib of wave 4 makes a bearish scenario more likely. In that case, the alternative outlook is that price is not completing a 123 (pink) but a larger ABC correction.
1 hour
The EUR/USD broke the support trend line and continued with the bearish price movement. A break above the resistance trend line (red) could be a first sign that wave C is over whereas a break below support could see price fall further. A push below the 61.8% Fib makes this wave 4 unlikely.
4 hour
1 hour
Origin: Admiral Markets
