EUR/USD develop bearish ABC corrective patterns

news_22_feb_dollar_usd4 hour

The EUR/USD is building a bearish retracement within a potential wave 4 (purple). The Fibonacci levels of wave 4 vs 3 could act as support levels for a continuation within the 3rd wave (pink). A break below the 50% Fib makes a wave 4 less likely.

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The EUR/USD is building a corrective ABC (blue) pattern. A break above the resistance (red) could mark the continuation of the uptrend whereas a break below support (blue) could indicate a larger bearish correction.

4 hour

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Origin: Admiral Markets

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